AI reporter optimizes crypto exchange functions - Bitget exec.
AI optimizing crypto exchange functions – Bitget exec

AI Enhancing Internal Departments at Cryptocurrency Exchanges

Gracy Chen, managing director at Bitget, recently spoke to Cointelegraph editor Zhiyuan Sun at the Ethereum Community Conference in Paris and discussed how cryptocurrency exchanges are utilizing artificial intelligence (AI) to improve their internal departments and functions.

Chen shared that the management team is actively using and experimenting with AI tools across departments. AI has been a major focus for the tech industry in 2023, with the introduction of language learning models like OpenAI’s ChatGPT chatbot, which has the potential to revolutionize multiple industries.

The translation team at Bitget is taking advantage of AI to handle translations for its multi-language services and customer service department. Additionally, with the help of a third-party company, Bitget is creating a “customizable, crypto version of ChatGPT” to assist users in their trading activity.

AI-Powered Grid Trading Strategies

Bitget recently launched an AI-powered feature for its grid trading strategies, allowing users to employ trading algorithms to automate transactions. The bot simplifies grid trading by only requiring users to input a desired strategy and investment amount, after which it iterates parameters and generates trading strategies with the given trading pair.

Grid trading is a method of automating transactions with algorithms. The “buy low, sell high” approach is utilized by the bot to create buy and sell orders within specific price ranges and time intervals.

Chen also discussed the potential of zero-knowledge proof (ZK-proof) technology to improve cryptocurrency exchanges, emphasizing its privacy-enhancing features as a way to ensure user funds and data are not mishandled.

Chen said that Zero-Knowledge Proofs (ZK-Proofs) could protect the company’s internal systems from unauthorized access to user data for confidentiality reasons. ZK-Proofs could also provide an alternative to centralized exchanges, allowing users to self-custody their funds with zk-rollups.

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