Ethereum-Based AI Project Skyrockets After Partnership Announcement With German Tech Giant

Fetch.ai (FET), a blockchain environment backed by artificial intelligence (AI) and currently one of the leading AI-based cryptocurrency projects, surged in value after its partnership announcement with German tech giant Bosch.

FET, the native crypto token of Fetch.ai, one of the leaders in the artificial intelligence and big data sectors of the crypto market, has shown a tremendous spike in its price since the start of 2023, showing a 450% surge at $0.6 price per token.

Its latest partnership announcement triggered another spike, or 14.67% gain over the past 24 hours, and was trading at $0.4851, at the time.

The partnership between the two companies will allow them to explore the possibilities of Web3 and artificial intelligence.

"We are thrilled to announce that @Fetch_ai, in collaboration with our partner @BoschGlobal, are forming a new http://Fetch.ai Foundation to boost development of #industrial applications based on #AI and #Web3 technologies!," the AI company said in a tweet.

"Bosch will help us fast-track Web3 adoption in the industry and encourage other industry players to join us in this journey. More industry applications will also bring new business opportunities for the existing tech entrepreneurs in the Fetch.ai ecosystem," Fetch.ai founder Humayun Sheikh said in a statement.

Fetch.ai also noted that the foundation would operate under the principles of transparency, openness, neutrality and technological sovereignty. Additionally, it will also observe a three-tier governance structure stated in the company's articles and by-laws.

"Bosch as one of the worldwide leaders in industrial engineering and mobility solutions sees the huge need for smarter technologies and governance to cope with the challenges coming with ever more connected ecosystems regarding safety/security, privacy and data ownership. In combining disrupting Web3, AI and Open Source technologies with the proven world-class hardware and software capabilities of the classic engineering corporations, this foundation is the perfect endeavor at the right time — this gets even more exciting the more other partners will join," said Peter Busch, chairperson of the Fetch.ai Foundation.

The recent move by Fetch.ai and Bosch comes at a time when AI-based cryptocurrency assets have gained favor among traders and investors.

Founded in 2017, Fetch.ai combines artificial intelligence and blockchain to build a network of autonomous economic agents.

As of 4:06 a.m. ET on Wednesday, FET was trading down 6.13% at $0.4115 with a 24-hour volume of $283,769,035, according to the latest data from CoinMarketCap.