NASDAQ-registered fitness technology company Interactive Strength (TRNR) is entering the digital asset space by launching what is described as the first AI-driven cryptocurrency ministry.
According to a June 11 announcement, the company plans to acquire $500 million worth of Fetch.ai FET tokens.
TRNR has begun building its token position, backed by its initial $55 million investment from ATW partners and Crypto Market Maker DWF Labs.
Fetch.ai CEO Humayun Sheikh said the company is running purchases of these tokens in open markets rather than on-the-counter (OTC) contracts. He also made it clear that the Fetch.ai Foundation has no role in the purchasing process.
TRNR works with BITGO to handle trading and management of FET Holdings.
Meanwhile, the announcement has already had a major market impact on these assets. According to Cryptoslate data, FET prices rose by more than 3% at press to $0.81868. TRNR’s stock also earned a sharp profit, earning over $0.89, over 12%, based on Google Finance data.
Why TRNR chose Fetch.ai
TRNR explained that Fetch.AI was chosen for its leadership in the combination of artificial intelligence and blockchain technology.
TRNR CEO Trent Ward said Fetch.ai is sitting at the forefront of these two transformational trends that can add value to shareholders. He said:
“Digital assets are rapidly becoming an important part of our global financial infrastructure, and AI is the biggest technological leap of our lifetime. We believe that a strategy to acquire a significant number of FET tokens can dramatically accelerate our mission to create important long-term value for TRNR shareholders.”
As part of the initiative, Fetch.ai will work with TRNR to enhance its digital fitness services and advance its AI-powered personal training platform.
Shake said:
“It’s important that our technology is used for Fetch.ai and for that company, it’s a big win for Fetch_ai, as well as for the crypto as a whole. A true utility business model and product to build products.
Fetch.ai strengthens decentralized AI agents that can optimize medical research, energy, logistics and financial industries.
The network is a member of the Artificial Super Intelligence Alliance (ASI) and includes the first distributed large-scale language model (LLM) designed for autonomous behavior.
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