After the latest update of the infamous artificial intelligence (AI) chatbot ChatGPT-4, the technology has been a buzzword inside and outside the crypto industry. While opinions on the technology may be mixed, companies continue integrating AI to enhance their users’ experience.
On March 31, the cryptocurrency exchange and Web3 technology company OKX announced that it would launch a new integration from EndoTech, which utilizes AI algorithms to capture crypto market volatility.
The algorithms incorporate both machine learning and “other advanced techniques” in an effort to conduct real-time analyses of data and trading opportunities.
According to Dmitry Gooshchin, chief operating officer of EndoTech, understanding market volatility is “essential for successful trading in the crypto space.“
OKX also jumped on the AI bandwagon on March 30 when it posted an AI-generated poem from ChatGPT-4 about the company’s wallet.
The amazing features of #OKXWallet presented as Sea Shanty by #ChatGPT. ⚓
What a time to be alive pic.twitter.com/cHiTPTb5HY
— OKX (@okx) March 30, 2023
This new platform update comes only a few days after the company announced its intention to expand its services to Australia while beginning to shut down its operations in Canada.
AI is finding various use cases in the crypto industry, not just for identifying real-time market volatility. It’s also used to track blockchain transactions, deploy autonomous economic agents for trading and more.
Related: OKX latest proof of reserves reveals $8.9B in assets
In everyday life, it’s now used for personal assistant-like tasks, social media and customer service needs, among other use cases.
While some have a more positive outlook on the impact of AI technology in scenarios like the metaverse, a recently emerged letter signed by 2,600 researchers and leaders in fintech calls for a pause in AI development.
The primary concern voiced by industry professionals was that “human-competitive intelligence can pose profound risks to society and humanity.”
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