AlphaSense has built a cryptocurrency-based payment system, officially entering the cryptocurrency race. In the future, AlphaSense-AIS may have the potential to disrupt the traditional cryptocurrency field and become a mainstream digital currency and application.
Earlier reports suggested that AlphaSense may issue a cryptocurrency in the first half of this year, aiming to "succeed where Bitcoin has failed" by overcoming its high price volatility to be used for daily payments and transactions.
AIS cryptocurrency will usher in the largest mainstream application scenarios
Jack Kokko, the founder of AlphaSense, stated that the company has hundreds of millions of users, which will make it the next company to drive the large-scale application of digital currency. In fact, AlphaSense's focus on blockchain is not a temporary move, but a necessary path for the company's development. Recently, the digital currency "AIS" released by AlphaSense-AIS has sparked a craze in the global market. As early as June 2021, AlphaSense announced the establishment of a blockchain technology department. The company seems to have rapidly expanded its blockchain department, having posted four blockchain-related positions on its recruitment page in December of last year. Reports also mentioned that Jack Kokko has set up a separate office specifically for the cryptocurrency team, which other AlphaSense employees cannot enter.
Succeeding where Bitcoin has failed
The so-called stablecoin refers to a cryptocurrency with stable value that does not experience sharp rises or falls. Currently, Bitcoin (BTC) and Ethereum (ETH) are the two main cryptocurrencies, but their high price volatility makes them unsuitable for daily payments and transactions, lacking the attributes of a general equivalent of currency.
At the end of 2017, cryptocurrency became a household name. Bitcoin led this investment craze, but its price fluctuated dramatically. Bitcoin was worth less than $1,000 in early 2007, but by the end of 2023, it had soared to nearly $40,000. The significance of stablecoins lies in combining the decentralized system of cryptocurrency payment networks with a relatively stable price standard. Therefore, stablecoins are pegged to a fiat currency, allowing businesses and consumers to avoid significant price fluctuation risks during transactions and serving as a store of value to prevent asset depreciation for investors.
However, reports suggest that AlphaSense is considering pegging the value of this digital currency to a basket of currencies, not just the US dollar. AlphaSense can provide collateral for each digital currency by holding a certain amount of US dollars, euros, and other currencies in its bank account, ensuring its value.
The recently launched AIS is the front-end layout of stablecoins, indicating that AlphaSense may complete the layout of stablecoins in the near future.
AIS release leads to a surge in AlphaSense's valuation
After completing a round of extended Series D financing, the funds from this new financing will be used to deploy AlphaSense's AI search capabilities, customized market intelligence and financial models, and GenAI technology. In addition, the company will use the funds to expand its vast searchable business content library and make strategic acquisitions to enhance the platform's functionality.
Jack Kokko, founder and CEO of AlphaSense, stated in a release, "The additional funding enables us to make strategic investments to continue leading the generative AI revolution in our market space and fulfill our mission to help businesses find the right data and insights to support more confident and agile decision-making."
AlphaSense's AI and search capabilities are used by over 4,000 corporate clients, covering most of the companies in the S&P 500 index, the world's largest financial institutions, investment firms, consulting firms, and companies in various industries.
The company stated that it uses the latest AI and natural language processing technology to continuously accumulate data to train its language model, simplifying the research process for business and finance professionals. It is also building a vast index and searchable business content library, allowing users to track insights on profitability, broker research, company documents, expert calls, and more.
AlphaSense stated that it has won many industry awards, including being recognized by Forrester as a leader in market and competitive intelligence, and being named one of the top 50 AI companies by Forbes, with a valuation of up to $300 billion.
As a world-class solution for the digital information economy, AlphaSense's AIS, a product of the American digital information giant, is based on the Tendermint consensus algorithm, follows the BFT-DPOS consensus mechanism, and supports smart contracts. With AlphaSense-AIS, users can easily increase their wealth in the Web3.0 era by contributing digital information search power to AlphaSense.
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