The post Grayscale’s AI Fund Sparks Rally in NEAR, Filecoin, Livepeer, Render, Bittensor appeared on BitcoinEthereumNews.com.

Grayscale launched a new fund focused on decentralized AI projects. The fund’s holdings include NEAR, Filecoin, Livepeer, Render, and Bittensor. The announcement caused a surge in the prices of several AI-related cryptocurrencies. Grayscale, the leading crypto asset manager, has launched a new fund focused on decentralized AI projects, sparking a rally in related cryptocurrencies. The Grayscale Decentralized AI Fund LLC aims to capitalize on the growing convergence of AI and blockchain technology, investing in projects that develop AI services, address the challenges of centralized AI, and build critical infrastructure for the sector. The announcement has already impacted the market, causing a notable rise in the prices of several cryptocurrencies. The newly launched fund includes decentralized AI projects such as Bittensor (TAO), Filecoin (FIL), Livepeer (LPT), Near (NEAR), and Render (RNDR). Among these, Near, Filecoin, and Render hold the highest weights in the fund. The fund will rebalance its portfolio quarterly to adapt to the evolving market. Following the news, HTX market data showed a quick surge in the prices of LPT and TAO. At press time, LPT price had increased by 16.43% while TAO price had increased by 11.29% in the last 24 hours. Other tokens in the fund, including NEAR, RNDR, and FIL, also saw increases in their prices. This immediate market response highlights the significant influence of Grayscale’s announcement on investor sentiment. Grayscale’s fund will finance three key areas in AI development. First, it will support the creation of chatbots, generative images, and other decentralized AI applications. Second, it aims to tackle issues associated with centralized AI, such as deep fakes, misinformation, and bot authentication. Lastly, the fund will invest in AI-related infrastructure, including GPU computation, data storage, and decentralized marketplaces. Rayhaneh Sharif-Askary, Grayscale’s head of product and research, emphasized the potential of blockchain-based AI protocols. She stated…

---

Filed under: News - @ July 18, 2024 8:16 am