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Coinspeaker Pantera Capital Earmarks $200M to AI Projects Cryptocurrency hedge fund Pantera Capital is set to secure $1 billion in funding out of which it plans to allocate $200 million to developing its Artificial Intelligence (AI) arm. According to a report from DL News, Pantera Capital’s Portfolio Manager Cosmo Jiang said every crypto firm will soon become an AI venture. Therefore, investing in an AI firm “will be as stupid as saying ‘I’m investing in a company that has a website’.” Pantera Capital Seel AI-related Blockchain Projects As the company’s portfolio manager, Jiang’s responsibilities include prospecting for clients, identifying potential investment opportunities, and conducting risk management amongst others. With the newly found AI passion of the hedge fund, Jiang claimed to be actively looking for projects using AI to boost blockchain businesses or vice-versa. He also mentioned an earlier fund that injected about 15% to 20% of the entire capital into AI-linked blockchain projects. The Pantera Capital executive expects that a higher percentage will be invested from the new fund. With these statistics, more than $200 million may be going to AI-related blockchain projects within the next ten years. Jiang tried not to commit himself to this figure, adding that “the math would suggest that’s reasonable.” This latest move from Pantera Capital reflects the growing intersection of AI and blockchain technology. In the last few months, many investors have injected a sizable amount of funds into the AI ecosystem. Their investment choice is largely informed by the estimation that the combined power of crypto and AI may add as much as $20 trillion to the global economy by 2030. AI And Blockchain Integration Gains Traction In April, BytePlus, a unit of TikTok owner ByteDance hinted at it partnership with Mysten Labs to integrate AI algorithms in the Sui Blockchain. The deal…

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Filed under: News - @ June 20, 2024 3:28 am