Kaito, an artificial intelligence (AI) search engine geared to the crypto industry, raised $5.5 million in a Series A fundraising round at an $87.5 million valuation.
Crypto businesses are becoming more inclined to turn to artificial intelligence (AI) to supplement revenue streams or improve products and features.
According to its LinkedIn post, the Kaito search engine went live in Beta mode on June 20 to 35,000 waitlisted customers.
It integrates large language models (LLMs) with real-time web data access, such as Twitter, Discord, Telegram, governance forums, Medium, Mirror, industry research, news, Kaito’s own Twitter Space, podcast transcripts, and on-chain data.
As explained by the CEO and founder of Kaito, Yu Hu commented that ChatGPT has limited links to many on-chain data and this has limited people’s demands in the crypto space.
LLMs, such as OpenAI’s ChatGPT and Google’s Bard, are artificial neural networks trained on big language datasets to understand and generate human-like prose.
LLMs can understand difficult subjects while explaining them to users in a friendly way because of their language proficiency.
Superscrypt and Spartan, two early-stage crypto venture capital (VC) firms, spearheaded the new funding. In February, Dragonfly led a $5.3 million round that included Sequoia Capital China and Jane Street.
Kaito’s search prompts were tested by CoinDesk. When we questioned it about the industry’s trendiest topic at the moment: how will the creation of an exchange-traded fund by an arm of BlackRock, the global leader in asset management, affect bitcoin, the Chabot linked to ten news articles on the subject and returned an ambiguous response.
According to Kaito AI, the anticipated approval of Blackrock’s Bitcoin ETF might benefit the crypto market by making an investment in BTC easier for institutional investors and increasing institutional adoption.
Kaito AI added that however, there is considerable skepticism about the ETF’s impact on the market, as some reports suggest that the impacts of the Bitcoin halving may have been exaggerated.
Overall, it appears that the Blackrock ETF’s influence on the Bitcoin market is still undetermined and will be determined by a number of factors.
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