Leading cryptocurrency exchange platforms Coinbase and Binance have announced their support for a new artificial intelligence (AI)-focused altcoin.
Coinbase has revealed that it will be adding support for the InfoAI altcoin Kaito (KAITO) on the Base network, the company’s proprietary blockchain, with an Experimental label.
Similarly, Binance, the world’s largest crypto exchange by volume, has also included support for this digital asset.
The decision to categorize KAITO as “Experimental” by Coinbase indicates that it is considered a riskier and less liquid token.
Following the news of its listing on these exchanges, the price of KAITO experienced a decline, currently trading at $0.952, representing a 20.8% decrease in value over the last 24 hours.
KAITO aims to address the issue of fragmentation in the crypto space by leveraging AI technology. Fragmentation occurs when the crypto markets become segregated by blockchains, resulting in varying standards, lack of interoperability, and stagnation.
According to the official webpage of Kaito, it is an information finance (InfoFi) protocol designed to tackle long-tail questions that are often difficult for individuals to form opinions on. AI is particularly adept at addressing these long-tail problems by tokenizing difficult-to-quantify data, providing valuable insights for market formation.
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