Crypto exchange Bybit has released its own version of an artificial intelligence (AI)-powered chat box called ‘TradeGPT’. Users can utilise it to ask questions and insights about crypto market, from technical and funding analysis to even model predictions.
TradeGPT features the generative ability of ChatGPT’s greater language model and Bybit’s in-house ‘ToolsGPT’. The crypto exchange launched the latter in June 2023, leveraging AI to provide a host of new trading tools and metrics for users through an integration with ChatGPT. Head of Financial Products Vivien Fang’s comment on this tool said:
“Our analysts and tech team created ToolsGPT to provide the financial education and mentorship that is sorely needed in our hyper-financial world. Essentially, we built the tool that we all wished we had when we began our careers in financial engineering and trading.”
Along with providing real-time market analysis, TradeGPT can also answer user questions in a variety of languages. The service is free for users who are registered on Bybit, however, there is a daily limit of twenty questions per user.
The AI-bot is based on the GPT-3.5 model. In the disclaimer section, the exchange has clarified that the responses that TradeGPT provides are not affiliated with or endorsed by Bybit. It also noted that any investment-related advice provided by the chat box should not be considered as Bybit’s official recommendation or guidance.
TradeGPT’s welcome page also illustrates the kinds of questions one can ask the chatbox. Popular ones go like: Analyse $ETH today, then suggest at least three trading strategies suitable, explain why and strategy’s characteristics. The strategies should include the direction, entry price, and so on.
Price analysis reports of cryptocurrencies can also be requested based on data of that particular day. Other frequently asked questions range from whether a particular coin would rise or fall that day, is it suitable for going long or short, what the appropriate entry price is, and so on.
However, Bybit is not a pioneer in the adoption of artificial intelligence solutions. It follows the path of other leading crypto exchanges like Binance and Crypto.com which have also launched their own ChatGPT-powered user assistants.
While Crypto.com’s AI-assistant called ‘Amy’ informs users about the industry, including real-time token prices and projects, historical events, Binance’s integrated its chat box into its Binance Academy platform to generate responses from its database of articles and information on the broader Web3 ecosystem.
Similarly, OKX exchange has also explored the AI’s potential after integrating EndoTech’s AI tools to analyse market volatility and trading opportunities. Others like Solana Labs have introduced a ChatGPT-powered plugin which allows the large language model to check wallet balances, transfer Solana-native tokens and trade non-fungible tokens (NFTs).
The craze for generative AI products goes way beyond these services. Last month, computer chip manufacturer Nvidia reported surging demand for AI chips, making the firm’s Q2 earnings significantly beat Wall Street estimates.
The company’s founder and CEO Jensen Huang said in a statement that a new computing era has begun where companies worldwide are transitioning from general-purpose to accelerated computing and generative AI. “The race is on to adopt generative AI”, he added.
Bybit’s latest launch comes in the back of the crypto exchange’s roll out of an in-house cryptocurrency lending service for users. This went live in May 2023, offering things like interest payouts for deposited cryptocurrencies on the exchange. In doing this, it joined various other exchanges that offer cryptocurrency lending services like Binance, KuCoin and OKX.