Interactive Strength (TRNR), a Nasdaq-listed fitness technology company, enters the digital asset room by launching what it describes as the first artificial intelligence-driven crypto treasure box.
The company plans to acquire $ 500 million in fetch.ai’s fet tokens, according to an 11 June announcement.
TRNR has started building his token position, supported by an initial investment of $ 55 million from ATW Partners and Crypto market maker DWF Labs.
Fetch.ai CEO Humayun Sheikh said The company carries out the purchases of these tokens on the open market and not via a freely available (OTC) deal. He also clarified that the Fetch.ai Foundation plays no role in the buying process.
TRNR works together with Bitgo to handle trade and custody of its FET companies.
In the meantime, the announcement has already had a considerable market effect on these assets. According to CryptoSlate Data, the price of FET rose by more than 3% to $ 0.81868 at the time of the press. The stock of TRNR also saw a sharp profit and climbed more than 12% to $ 0.89, based on Google Finance facts.
Why TRNR chose fetch.ai
TRNR explained that the chose for Fetch.ai because of its leadership in combining artificial intelligence and blockchain technology.
Trent Ward, CEO of TRNR, stated that Fetch.ai is paramount in these two transforming trends that can add value to its shareholders. He said:
“Digital assets quickly become an essential part of the global financial infrastructure and AI is the greatest technological leap in our lives … We believe that our strategy to acquire a considerable number of FET tokens can speed up our mission dramatically to create a considerable value for TRNR shareholders.”
As part of the initiative, Fetch.AI will work with TRNR to improve its digital fitness services and to promote an AI-driven personal training platform.
Sheikh said:
“For Fetch.ai it is important that our technology is used and for those companies will need fet. This is a great victory, not only for Fetch_ai but also for crypto as a whole. True Utility Business Model and products to build around. This is no different than using $ fet to gain access to ASI1 and agent -fresh.”
Fetch.ai powers decentralized AI agents who are able to optimize medical research, energy, logistics and financial industry.
The network is a member of the Artificial Superintelligence Alliance (ASI) and includes the first decentralized large language model (LLM) that is designed for autonomous actions.
