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Singapore-based blockchain startup aelf joins AI race with $50m fund

singapore-based-blockchain-startup-aelf-joins-ai-race-with-50m-fund
Edited by
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Singapore-based blockchain startup aelf joins AI race with $50m fund

Blockchain startup aelf has unveiled a new $50 million ecosystem fund aimed at prioritizing the integration of artificial intelligence into the blockchain.

Singapore-headquartered blockchain ecosystem aelf is launching a new multi-million dollar initiative to transition from a decentralised network to a “vibrant ecosystem enriched with state-of-the-art AI models.”

https://twitter.com/aelfblockchain/status/1778718729725210939

In a blog announcement on Apr. 12, the aelf team said that its investment arm, aelf Ventures, will be “strategically deploying” its $50 million Ecosystem Fund to support “innovative AI initiatives seeking blockchain enablement.”

“With the roll-out of developer-friendly toolkits, aelf will further catalyze this AI blockchain innovation by empowering the community to utilize those new technologies for data pre-processing, model training, fine-tuning and deployment, agent development, on-chain deployment and monetization with the aelf blockchain environment.”

The aelf team

Although the funding criteria haven’t been revealed, the announcement suggests that current projects and games on the aelf blockchain are preparing to incorporate AI capabilities, reflecting a growing interest in the synergy of blockchain and AI among companies.

As crypto.news previously reported, Aptos Labs, the firm behind the Aptos blockchain, and io.net entered into a partnership to improve access to scalable GPU resources, aiming to enhance AI and machine learning capabilities. As part of the deal, io.net and Aptos Labs will collaborate on creating a range of AI models and products for their eventual release on the Aptos blockchain network.