​FET token rises by 16% after the announcement of the partnership with Bosch

What’s new? The FET token from Fetch.ai, the company engaged in developments in the field of artificial intelligence and big data sectors of the crypto market, rose by 16% in 24 hours. One of the reasons for the growth was the announcement of the partnership with German tech giant Bosch. In this, since the beginning of the year, the price of FET increased by more than 450%, reaching $0,6 at the peak. As part of the partnership, the companies will create a fund to promote industrial applications that use Web 3.0 technology.

Link to announcement

Details on the partnership. The joint effort will focus on creating a framework for researching and developing ways to apply Web 3.0 technologies to the real world. Linux Foundation has been taken as a model for a joint venture built on the principles of openness, transparency, and decentralization. In the near future, the parties will form the governing board of the Fetch.ai Foundation and start implementing their plans.

One of the main goals is to achieve a level of unification of Web 3.0, AI, and open source so that the technologies work regardless of the participation of individual foundation members while providing everything needed by those who contribute and depend on the viability of the ecosystem.

Fetch.ai is a decentralized Ethereum blockchain-based asset trading platform using machine learning and artificial intelligence. It was created in 2017 by a team from Cambridge. The co-founders of the project are Toby Simpson, Humayun Sheikh, and Thomas Hain. The native token FET is the main medium of exchange in the Fetch.ai ecosystem. As of February 21, 15:15 UTC, the asset ranks 105th in the cryptocurrency ranking with a capitalization of $472 million and is trading at $0,4459.

Crypto projects and AI. The topic of AI technology adoption is becoming increasingly popular in the crypto community. TRON Blockchain, for example, allocated more than $100 million to support developers exploring the use of AI in blockchain applications through tools such as ChatGPT.

In January, ARK Invest said that digital asset rates would see a positive trend as AI technology accelerates. In early February, the native token of the AI crypto project SingularityNET (AGIX) rose by 175%.