Crypto Exchange Bybit Taps into ChatGPT to Advance Trading Tools

ByBit is not the only crypto trading platform recognizing the potential of AI in delivering enhanced user experiences. Other leading exchanges have also explored the integration of ChatGPT into their platforms.

Leading cryptocurrency exchange Bybit is gearing up to enhance its trading services by incorporating an artificial intelligence (AI) tool into its trading platform to enhance market data analysis. In a Twitter post on June 15, Bybit unveiled the latest addition to its Tools Discovery family, dubbed “ToolsGPT”, leveraging the capabilities of the famous generative AI technology, ChatGPT, developed by OpenAI.

Welcome the latest addition to our Tools Discovery family, ToolsGPT 🎉

ToolsGPT integrates ChatGPT’s #MachineLearning and #AI capabilities with Bybit’s comprehensive market data.

Learn more about it: https://t.co/8SAQvd9PEK #Bybit #TheCryptoArk pic.twitter.com/CtXKayN3Dq

— Bybit (@Bybit_Official) June 15, 2023

The newly introduced technology was designed to explore the advanced machine learning of ChatGPT combined with Bybit’s vast market data. This powerful combination empowers traders with extensive features, enabling them to make informed trading decisions.

The latest development comes after the European Union Parliament passed the first AI bill in the world to regulate the use of generative AI technologies in the region.

ToolsGPT Delivers Unique Responses to User’s Queries

One of the standout features of ToolsGPT is its ability to offer valuable insights and predictions for different trading scenarios. By leveraging the vast pool of market data, this AI-powered tool can analyze price trends for numerous crypto assets, including Bitcoin (BTC) and Ether (ETH), taking into account technical indicators and historical patterns to help investors make informed decisions for successful trading activities.

In addition to providing valuable market insights and predicting bitcoin trajectory using past data, traders can benefit from ToolsGPT’s other functionalities, such as backtested price data and other essential metrics.

Bybit said the new technology was designed to deliver unique and actionable answers to users’ inquiries. The exchange further disclosed that the tool will be accessible to all users, regardless of their experience, level, or expertise, for free.

Bybit aims to exploit cutting-edge technologies to provide innovative trading solutions to users. The company said the new technology shows its commitment to helping users become successful traders.

“By integrating ChatGPT into Bybit Tools, we are able to give users more comprehensive information when making their decisions. ToolsGPT is a testament to our commitment to empowering traders with advanced tools and insights,” said Ben Zhou, the company’s CEO.

Not the First

Last month, CryptoCom unveiled its proprietary AI tool, Amy, which harnesses the power of ChatGPT. Amy provides a valuable resource for users with essential insights on token prices, market movements, and updates on various projects.

Similarly, Binance, the world’s largest crypto exchange, integrated OpenAI’s chatbot into its Binance Academy platform, offering users access to a vast database of articles and information related to the Web3 ecosystem.

The adoption of AI extends beyond exchanges to various blockchain projects. Notably, Solana Labs, the brains behind the development of the Solana blockchain, recently launched a ChatGPT-powered plugin into the protocol.

The plugin allows users to perform tasks such as checking wallet balances, transferring Solana-native tokens, and trading non-fungible tokens (NFTs).

This various integration showcases the versatility of ChatGPT and its potential to streamline user experiences across the blockchain landscape.

Aside from crypto companies, other firms outside the industry are exploring the potential of AI tools. In April, Amazon unveiled its innovative AI product offering called Bedrock. Targeted at Amazon service customers, Bedrock enables users to create personalized generative AI tools tailored to their unique requirements.

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Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.