Swarm Network raises $13 million to promote the development of decentralized AI.

CN
14 hours ago

The decentralized artificial intelligence protocol Swarm Network has raised a total of $13 million in funding to build an AI verification protocol.

According to an announcement shared with Cointelegraph on Wednesday, $10 million of the raised funds was obtained through the protocol's agent operation licenses. A project spokesperson told Cointelegraph that each license is essentially a non-fungible token (NFT), and holders can earn daily rewards by operating agents and maintaining the network.

The remaining $3 million comes from strategic investors, including Sui (SUI), Ghaf Capital, Brinc, Y2Z, and Zerostage. Investments from Sui, Ghaf, and Brinc are backed by Swarm's participation in the SuiHub global accelerator located in Dubai.

Swarm Network is building a decentralized protocol aimed at transforming off-chain data into verifiable information on-chain. The AI-driven fact-checking solution Rollup News has become an early adopter of this system, reportedly having 128,000 users who have verified over 3 million posts.

Blockchain technology and digital assets are increasingly converging with artificial intelligence technology, attracting significant attention from investors. The AI-driven hedge fund Numerai, backed by Paul Tudor Jones, recently secured a funding commitment of up to $500 million from JPMorgan Asset Management.

Earlier this month, cryptocurrency exchange Kraken acquired the Israeli startup Capitalise.ai, a no-code trading automation platform capable of converting natural language instructions into executable trading strategies. Some companies have even completely shifted away from cryptocurrency to focus on AI, such as cryptocurrency miner TeraWulf, which transitioned to an AI infrastructure hosting service provider in mid-August.

AI agents, which are AI robots capable of accessing tools and acting independently to achieve goals, have gained significant attention in the crypto space. Earlier this month, Coinbase development team members Kevin Leffew and Lincoln Murr pointed out that AI agents could become the "largest energy users" on Ethereum.

Previously, industry executives had told Cointelegraph that AI agents would see significant development after the end of 2024. Predictions at that time included that such agents would play a more important role in decentralized communities and that decentralization would make AI more trustworthy.

Related: Opinion: The reduction of bug bounties is laying the groundwork for billions of dollars in cryptocurrency hacking attacks.

Original article: “Swarm Network Raises $13 Million to Promote Decentralized AI Development”

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