Monat: Juni 2023

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OpenAI CEO optimistic on global AI coordination: what it means for crypto AI projects

  • OpenAI CEO is touring Asian capital cities.
  • The CEO is currently touring Tokyo and is also expected to visit Singapore, Indonesia, and Australia.
  • The CEO says he is optimistic about global AI coordination, which is a good thing for AI-based crypto projects.

The CEO of ChatGPT developer OpenAI, Sam Altman, on Monday, stated that he was “quite optimistic” about the prospects for international cooperation in artificial intelligence (AI) following a tour of Asian capital cities.

OpenAI, which is backed by Microsoft Corp, has been making an effort to take advantage of the surge of interest in generative AI. It also wants to influence regulations for the field.

Speaking to students in Tokyo, Japan, Altman said:

“I came to the trip sceptical that it would be possible in the short term to get global cooperation to reduce existential risk, but I am now wrapping up the trip feeling quite optimistic we can get it done.”

Also, in a meeting with Prime Minister Fumio Kishida during his April visit to Japan, Altman expressed his interest in setting up a local office in the country. Despite the fact that its major manufacturing players are investing heavily in automation technology, Japan is viewed as a laggard in AI.

The CEO is due to visit Indonesia, Australia, and Singapore, before returning to the US.

AI regulations around the world

The use of generative AI that can generate text and images has instilled both excitement and fear for its potential to reshape a wide range of industries. As a result, regulators are frantically trying to adapt current rules and create new guidelines for the AI industry.

While the United States is leaning toward adapting existing laws for AI rather than creating new legislation, the European Union lawmakers have already passed a landmark artificial intelligence regulation.

The passed EU artificial intelligence that will be called the AI Act would ban systems that are considered to pose “unacceptable” risks to human lives. The act is expected to put European governments on a collision course with US tech giants who have invested billions in AI technology.

Most of the proposed AI regulations seek to ensure the systems do not interfere with the lives of humans, which is a good thing for AI-based cryptocurrency projects. Most AI-based crypto projects combine blockchain and artificial intelligence technologies to process data to aid in ensuring efficient financial transactions including financial trading; meaning they are less likely to be negatively affected by the proposed regulations.

Popular AI-based crypto projects in 2023

Although AI-based cryptocurrencies were not spared in the recent crypto market decline following the US SEC onslaught on cryptocurrencies, they have been performing quite well since ChatGPT was launched last year. The number of AI-based cryptocurrencies has also exponentially grown following the many new blockchain projects leveraging AI technology to address different challenges.

AltSignals, a trading signals platform, is one of the most recent entrants in the industry with its new AI-based cryptocurrency called ASI, which is currently in the presale stage. The platform’s new AI project has gathered a lot of popularity seeing that the first stage of the ASI presale was 92.43% sold out at press time.

At the moment, the top five largest AI cryptocurrencies by market cap according to Coingecko are Render (RNDR), SingularityNET (AGIX), Fetch.ai (FET), Ocean Protocol (OCEAN), and Akash Network (AKT). The largest, Render, has a market cap of $651,359,605, while the fifth, Akash Network has a market cap of $99,731,536.

The post OpenAI CEO optimistic on global AI coordination: what it means for crypto AI projects appeared first on CoinJournal.

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Crypto exchange Bit2Me to expand its presence in Spain and Latin America after raising $15m

Key takeaways

  • Bit2Me is set to expand its presence in Spain and Latin American countries.

  • This comes after the crypto exchange raised $15 million in its latest funding round. 

Bit2Me to expand its services in Spain and Latin America

Bit2Me, a leading Spanish crypto exchange, has revealed that it would be expanding its services in Spain and Latin America.

This latest cryptocurrency news comes after the crypto exchange raised $15 million in a funding round led by Investcorp.

According to the company, the investment round also saw participation from Telefónica Ventures, the investment arm of Spain’s largest telecommunications company Telefónica, Stratminds VC, Cardano and YGG Fund. 

Bit2Me will use the funds to grow its presence in Space and also accelerate its expansion in certain Latin American countries. 

Leif Ferreira, co-founder and CEO of Bit2Me commented that;

“This funding will boost our acquisition of new customers specially thanks to Investcorp, an international partner with significant financial muscle, and to Telefónica, who will give us more channels in Latin America.”

Bit2Me is building a presence in Latin America

Bit2Me is becoming an important cryptocurrency exchange in Latin America. In May last year, the company established a new office in Brazil that will tackle compliance tasks.

Two months later, the cryptocurrency exchange acquired a majority stake in the Peruvian peer Fluyez as it looked to expand its presence in some Latin American countries, including Chile, Uruguay, and Colombia. 

In February 2023, the cryptocurrency exchange also received approval from the Bank of Spain to be the first provider of virtual currency services and the custody of digital wallets. 

Bit2Me’s expansion plans come at a time when leading cryptocurrency exchanges Binance and Coinbase are facing regulatory challenges. The two exchanges were recently sued by the US SEC for allegedly violating securities laws in the country.

The post Crypto exchange Bit2Me to expand its presence in Spain and Latin America after raising $15m appeared first on CoinJournal.

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Bitcoin dips under $25k as bulls lose 7-month trendline – what next?

  • Bitcoin price fell below $25,000 after the Fed rate pause news.
  • An analyst points out that the decline saw bulls lose a 7-month trendline support and $20k-$22k could be next.
  • The main resistance zone is between $26k and $28.3k, which can be touched if BTC bounces back.

Bitcoin price broke below the $25,000 level overnight Wednesday as bulls failed to hold a key support zone, with the new price weakness coming after the US Federal Reserve’s interest rate pause decision.

Bitcoin had consolidated near $26k ahead of the Fed’s decision. However, as the markets reacted to the news, BTC dipped past $25,500, losing a major trendline that has acted as upside support for the past seven months.

Analyst share short term Bitcoin price prediction

Bitcoin’s decline below $25k now puts bulls at risk of further rot, a scenario that could crystalise if bears take control. In this case, downside pressure could allow sellers to target new lows.

Crypto analyst Captain Faibik says:

“$BTC Bulls have lost the 7-Month Major Trendline, Not a good Sign..!! Is it a TRAP or Bears are back in the Town? If it’s a trap and Bitcoin bounces back, reclaiming the 26.7k resistance, we could witness a Bullish Rally towards 31k. If Bears are back, Bitcoin may face more downward pressure, possibly testing the 20-22k area.”

Bitcoin price chart shared by Captain Faibik on Twitter

Another analyst, Ali, says BTC has its most important support area in the $22.7k-23.6k region. On the upside, the main resistance zone lies between $26k and 28.3k. This suggests a bounce could see Bitcoin reclaim this zone and possibly look to retest the $30k area.

“Bitcoin sits on thin ice! Notice the most important support zone is between $22,785 and $23,595 where 1.34 million wallets hold 450,000 $BTC. On the flip side, #BTC faces stiff resistance between $26,000 and $28,250 where 5.18 million wallets bought 2.1 million BTC,” the analyst tweeted.

While the sub-$25k level offers a buy the dip opportunity, crypto analyst Rekt Capital notes that the loss of $26,600 threatens turning it into stiff resistance. A rejection of this level after the Weekly Close below could mean “lower $20000s await.”

Bitcoin traded at $24,878 early Thursday morning, about 4% down as altcoins mirrored the losses. The total crypto market cap was down 3.8%, with Ethereum trading at $1,674 and XRP at $0.47 – down 6% and 7.3% respectively at the time of writing.

The post Bitcoin dips under $25k as bulls lose 7-month trendline – what next? appeared first on CoinJournal.

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EU lawmakers vote for landmark Artificial Intelligence regulation

  • The European Union Parliament has voted in favour of an AI Act.
  • If ratified, the law will require AI systems like ChatGPT to first undergo review before release to the public.
  • The regulation also seeks a ban on real-time biometric recognition.

The European Parliament has yet again made a landmark move with regard to regulation of the rapidly growing Artificial Intelligence (AI) industry.

This is after a critical vote in the European Parliament on Wednesday saw the approval of European Union’s AI regulation – the EU AI Act.

EU’s AI Act saw 499 lawmakers vote in favor, with 28 against. There were 93 abstentions. According to a CNBC report published June 14, the bloc’s vote now paves the way for the potential formalization of the first AI regulations into law in the West.

But first, it moves to trilogue negotiations, with parliament expected to defend its strong position on the matter in negotiations that will involve the European Commission and the EU Council of Ministers.

Ban on remote biometric identification

The EU’s approach to the AI regulatory framework comes at a time the sector is seeing massive growth and adoption, particularly after the explosive reception that ChatGPT, a generative AI tool by OpenAI, received globally. 

Concerns over the potential impact of unchecked developments has prompted various governments and regulatory bodies to seek policy guidelines. If passed into law, the Act will required AI tools to be reviewed and approved before they are released to the public.

Lawmakers also affirmed the ban on real-time remote biometric identification (RBI).Also banned is predictive policing, internet-scrapped facial recognition, and emotion recognition software, Euractiv reported.

The EU parliament’s vote is the first major move towards this by a tier 1 jurisdiction. The US has recently met with players within the industry, while the UK has also sought to take measures, with Prime Minister Rishi Sunak advocating for AI safety regulation on Monday.

An AI Act for the EU comes after the adoption of MiCA, the crypto rules that are set to go into effect in 2024.

The post EU lawmakers vote for landmark Artificial Intelligence regulation appeared first on CoinJournal.