ByBit plugs into ChatGPT for AI-powered trading tools

Cryptocurrency exchange ByBit will look to leverage artificial intelligence (AI) to provide a host of new trading tools and metrics for users through an integration with ChatGPT.

OpenAI’s highly acclaimed large language model chatbot has been used by a myriad of industries to provide innovative solutions and services. The cryptocurrency trading space could stand to benefit from the service as ByBit unveils its own AI-powered offering to cryptocurrency traders using the Dubai-based exchange.

ByBit’s ToolsGPT combines ChatGPT’s machine learning technology with the exchange’s market data to provide technical analysis, price data and metrics. The integration also allows ToolsGPT to generate bespoke answers to traders’ inquiries.

The exchange touts the new offering to provide insights and predictions to various cryptocurrency trading scenarios. ToolsGPT will be able to analyze price trends based on market data for a number of cryptocurrencies.

According to ByBit, this includes providing price trends for a host of tokens and takes into account technical indicators to forecast future market movements. The service is set to cater to traders of varying experience levels and is freely accessible to all users of the exchange.#

Related: Here’s how ChatGPT-4 spends $100 in crypto trading

A statement from ByBit CEO Ben Zhou highlighted the integration of ChatGPT as an innovative move aimed to help traders make informed decisions based on historical and real-time market data and AI-generated advice:

“By integrating ChatGPT into Bybit Tools, we are able to give users more comprehensive information when making their decisions. ToolsGPT is a testament to our commitment to empowering traders with advanced tools and insights.”

ByBit is not the only cryptocurrency exchange to have explored using ChatGPT to give users unique insights into token prices, market movements and projects.

Crypto.com launched its own ChatGPT-powered user assistant in May 2023 dubbed Amy while Binance also integrated OpenAI’s chatbot into its Binance Academy platform to generate responses from its database of articles and information on the wider web3 ecosystem.

OKX is another exchange that is exploring the potential of AI after integrating EndoTech’s AI tools to analyze market volatility and trading opportunities.

Solana Labs also launched a ChatGPT-powered plugin that will allow the large language model to check wallet balances, transfer Solana-native tokens and trade nonfungible tokens (NFTs).

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