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Fetch AI raises $6m in successful token sale with Binance Launchpad

Fetch.AI raises $6m in successful token sale with Binance Launchpad

Fetch.AI, the decentralised infrastructure for deploying digital representatives ‘Autonomous Economic Agents’ has completed a successful token sale via Binance Launchpad.

$6 million hardcap reached in 22 seconds

Fetch.AI, announcing a successful token sale with Binance Launch pad. The entire $6m allocation of FET tokens was sold out in 22 seconds without any technical challenges. The funding supports the company’s mission to deliver autonomous agent technology for an intelligent machine to machine economy.

69,179,855 FET tokens were sold in just 22 seconds with orders pledged by nearly 20,000 people. Of those orders 2,758 separate contributors successfully bought FET tokens with orders processed by Binance in 11 minutes 14 seconds. The sale raised $6 million for the Fetch.AI Foundation Pte. Ltd to further fund development of its economic internet for the machine economy.

At 14:00 UTC on Monday 25 February 2019 Binance Launchpad opened its doors to FET contributors for a single session where contributors could exchange Binance’s native token, BNB, for FET. Each FET token was priced at 0.0867 USD with a maximum allocation of $3,000 per contributor during the sale.

Humayun Sheikh, CEO at Fetch.AI commented: “We’re very pleased to have reached our target for the token sale in such a short time achieving a wide distribution of tokens with the intentionally modest individual cap.” He continued: “Now the sale has finished the entire team is very much focused on releasing more of our technology over the coming months.”

Fetch AI has already delivered key aspects of its decentralised platform for deploying Autonomous Economic Agents. Initial innovations include a high performing Test Network incorporating its Smart Ledger and a fully functioning Virtual Machine that enables developers to build ‘Synergetic Smart Contracts’.

Synergetic Smart Contracts are a unique property of the Fetch.AI network. They are extensions to the original concept of smart contracts, enabling off-chain computation to be included in agreements involving multiple parties. Examples include the use of Smart Contracts to solve optimisation problems in mobility, such as package delivery, ride hailing and autonomous car routing.

Toby Simpson, CTO at Fetch.AI commented: “Our Synergetic Smart Contracts are specifically designed to solve and use optimisation tasks that may be combinatorial in nature and in many cases involve very large amounts of computation.” He continued: “Importantly, they enable optimised coordination between distributed parties in situations where coordination can provide an economic gain to all participants. It hasn’t been possible to do this type of decentralised machine learning with Smart Contracts – until now.”

Fetch.AI will be releasing a series of further product innovations over the coming months including its Network Participation App. The app allows anyone to easily point and click to attach autonomous agents to the sensors in their smartphones. Connectivity to the Test Network means agents can help people realise the economic value of their smartphone sensor information by making it available for trading.

About Mantas Malukas

Mantas is the founder of DappLife, crypto investor and an online entrepreneur who has professionally immersed in digital publishing and development for over a decade.