The post Visa announces $100M fund for AI innovations, The Graph & InQubeta uptrend begins appeared on BitcoinEthereumNews.com.

Visa’s game-changing $100 million fund for generative AI ventures is not only reshaping the future of payments but also driving an uptrend for startups like InQubeta and The Graph. Visa $100M fund aiming at AI innovations Visa, a global leader in payments, has announced a significant move towards advancing artificial intelligence (AI) in the field of commerce and settlements. The company is establishing a new fund with a whopping $100 million allocation dedicated to investing in generative AI ventures. This initiative, unveiled on October 2nd, is designed to support companies that are actively engaged in the development of generative AI technologies and their applications within the domains of commerce and payments. The selection and oversight of these investments will be managed by Visa’s corporate investment arm, Visa Ventures, which has been instrumental in fostering inventions in the payments and commerce sector since its inception in 2007. Generative AI is a groundbreaking technology capable of producing various forms of content, spanning text, imagery, audio, and synthetic data. Notable examples like OpenAI’s ChatGPT and Google’s Bard illustrate the prowess of generative AI in understanding and generating human-like written content. Visa’s Chief Product and Strategy Officer, Jack Forestell, has expressed great optimism about the future of generative AI within the financial landscape. He emphasized how this technology will not only reshape the way we live and work but also transform commerce in ways that require our close attention. Visa’s recent foray into generative AI builds upon its longstanding commitment to integrating AI into its operations. The company claims to have been one of the earliest adopters of AI for payments, deploying AI-based technology in 1993 for risk and fraud management. In 2022, Visa’s real-time payment fraud monitoring system, Visa Advanced Authorization, reportedly helped thwart an estimated $27 billion in fraudulent transactions. In 2021,…

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Filed under: News - @ October 11, 2023 10:18 am