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Fetch.ai and Bosch team up for Web3 and AI tech

Fetch.ai, an AI-focused crypto protocol, is partnering with electronics giant Bosch to establish the Fetch.ai Foundation.

By Finst News
• 4 min read
Fetch.ai and Bosch team up for Web3 and AI tech

Fetch.ai, an AI-focused crypto protocol, is partnering with electronics giant Bosch to establish the Fetch.ai Foundation. This new foundation will focus on research and development of Web3, the third generation of the Internet powered by blockchain technology. The focus will be on real-world use cases in areas like mobility, industry, and consumers.

The Fetch.ai Foundation will have a three-member governance structure inspired by the decentralized innovation model of the Linux Foundation. The board will be led by Bosch and Fetch.ai, with efforts to bring on other industry players. The foundation aims to encourage growth in participant contributions and on-boarding of new participants while improving the currently used technical applications based on active contributions and member participation.

Bosch to Help Drive Web3 Adoption

Fetch.ai founder Humayan Sheikh says in a statement that Bosch will help accelerate Web3 adoption in the industry and encourage other players to join them on this journey. More industrial applications will also create new business opportunities for existing tech entrepreneurs in the Fetch.ai ecosystem.

Fetch.ai is a blockchain-based platform that solves data exchange and smart contract problems using artificial intelligence. The platform enables developers and businesses to build and run smart contracts, reducing the need to rely on intermediaries for trust.

AI and Crypto Getting More Popular

The price of Fetch.ai's native token has surged over the last 24 hours, rising by more than 16%. At the time of writing, FET is trading around $0.49, with trading volume up more than 200%. The foundation of the new foundation comes as AI-focused cryptocurrencies gain popularity with investors and traders.

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