Bitget Executive Reveals AI's Optimization of Crypto Exchange Operations
Cryptocurrency exchange Bitget is using artificial intelligence (AI) in a number of ways to provide better services for users and stay ahead of the curve.
During the Ethereum Community Conference in Paris, Gracy Chen, the managing director of Bitget, revealed that the exchange is utilizing AI tools to streamline processes and enhance functions.
One area where AI has proved particularly beneficial for Bitget is in its translation team, Chen said.
By leveraging AI, the exchange is able to handle translations for its multi-language services more efficiently.
Additionally, the customer service department utilizes AI to provide faster responses to queries, including customized information and trading data.
Bitget is also working on an AI-powered chatbot, inspired by OpenAI's ChatGPT, to assist users in their trading activities.
“Users can talk to the bot to get faster responses for certain queries, including tailored information and trading data," she said.
Furthermore, Bitget has introduced AI-powered features for its grid trading strategies, which enable users to automate transactions using trading algorithms.
This is expected to simplify the complexity of grid trading, as users only need to input their desired strategy and investment amount. The AI-powered bot then generates various trading strategies based on the provided parameters.
Grid trading, a popular strategy in the cryptocurrency market, involves buying and selling within specific price ranges and time intervals.
Bitget is Exploring the Use of AI in All Departments
Chen mentioned that Bitget is considering implementing AI in all departments at Bitget.
“I would say every department is experimenting with some sort of application through AI," she said, adding that the goal is to enhance efficiency and provide a better user experience.
In addition to AI, Chen highlighted the potential of zero-knowledge proof (ZK-proof) technology to enhance cryptocurrency exchanges.
ZK-proof technology ensures privacy and data protection, preventing mishandling of user funds and data.
Chen said that Bitget is experimenting with using ZK-rollups to protect users' information and prevent internal systems from accessing certain data for confidentiality reasons.
Zero-knowledge proofs also have the potential to enable self-custody for users, eliminating the need for centralized exchanges to hold custody of user funds.
“ZK is very useful for protecting users’ data. There are a few things we’ve been experimenting with. One of them is to have our users’ information protected through ZK-rollups.”
Bitget's embrace of AI comes as there are increasing discussions about the integration of this nascent technology and crypto.
During Coinbase’s Summit last week, Union Square Ventures’ Fred Wilson said data ownership is applicable not only in Web3 but in AI, as well, arguing that in the future users who employ AI tools will want to control their own data.
“Users are going to need agency over data and increasingly the way they want it shared across assets," Wilson said.
Adam Struck, founder and managing partner of Struck Crypto, also mentioned AI could open up additional opportunities to the blockchain industry, saying:
“You may actually see a situation where AI is sort of a catalyst to rush back to the blockchain.”