Bybit, a prominent cryptocurrency exchange headquartered in Dubai, has introduced an innovative language-based trading tool, TradeGPT, harnessing the power of artificial intelligence (AI). This cutting-edge solution leverages the generative capabilities of ChatGPT's extensive language model, in synergy with Bybit's proprietary ToolsGPT, to provide users with real-time market insights and answers to technical inquiries across multiple languages.
What can TradeGPT do?
TradeGPT is not merely a trading tool; it is being lauded as an AI-driven educational resource. Its functionality extends to delivering comprehensive market analysis and furnishing users with insights into trading strategies. This tool is adept at catering to diverse user needs and preferences, facilitating informed decision-making within the cryptocurrency trading arena.
An announcement shared underscores TradeGPT's capacity to provide valuable market strategies and products, aligning with users' ongoing discussions and objectives. Moreover, as outlined in a blog post published on 4 September by Bybit, TradeGPT integrates with Bybit's existing wealth of market data, trading analysis, and technical resources.
This harmonious amalgamation promises to empower traders and enthusiasts with an enriched trading experience.
Not the Exchange’s First Brush with AI
This June, Bybit embarked on a pivotal transformation by joining forces with OpenAI's ChatGPT to give birth to its innovative platform, aptly named ToolsGPT. This fusion is a marriage of ChatGPT's formidable AI and machine-learning capabilities with Bybit's wealth of market data.
The outcome is a versatile platform, proficient in a spectrum of tasks ranging from technical trend analysis to funding assessments and the formulation of predictive models. It is noteworthy that Bybit has thoughtfully acknowledged the limitation of ChatGPT, which, due to its last update in September 2021, lacks access to real-time market data.
The addition of TradeGPT serves as both a master and guide within the expansive domain of Web3. This move is a part of Bybit's broader endeavour to establish itself as a central hub for cryptocurrency resources, aptly termed the "Crypto Ark."
“Our analysts and tech team created ToolsGPT to provide the financial education and mentorship that is sorely needed in our hyper-financialised world. Essentially, we built the tool that we all wished we had when we began our careers in financial engineering and trading,” said Vivien Fang, the head of financial products at Bybit.
Ben Zhou, the CEO of Bybit, underscores the profound significance of this integration. He emphasises the organisation's steadfast dedication to furnishing traders with a rich arsenal of sophisticated tools, carefully designed to bolster their trading acumen and empower them in making informed and strategic trade decisions.
He explained, “By integrating ChatGPT into Bybit Tools, we can provide users with more comprehensive information when they make decisions. ToolsGPT is proof of our commitment to empowering traders with advanced devices and insights.”
This initiative is complemented by Bybit's recent foray into AI tools and the provision of lending services to its users. Notably, this service empowers users to accrue interest on the cryptocurrencies they deposit into the exchange, solidifying Bybit's position among a select group of exchanges offering this lending service.
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