Top crypto exchange platforms Coinbase and Binance are adding support for a new artificial intelligence (AI)-focused altcoin.
In a new announcement, Coinbase says it is adding support for InfoAI altcoin Kaito (KAITO) on the Base network, the firm’s own blockchain, with an Experimental label.
Binance, the world’s largest crypto exchange by volume, also added support for the digital asset as well.
The “Experimental” tag was created by Coinbase to designate certain digital assets as riskier, lower-liquidity tokens.
News of being added on the exchanges had a reverse impact on the price of KAITO, as the crypto asset is trading for $0.952 at time of writing, a 20.8% decrease over the last 24 hours.
KAITO aims to solve the issue of fragmentation within the crypto space by utilizing AI. Fragmentation is when the crypto markets become increasingly divided by blockchains, leading to different sets of standards, a lack of interoperability, and stagnation.
According to its official webpage, Kaito is an information finance (InfoFi) protocol that aims to answer long-tail questions.
“While everyone can have a view on the outcome of the US elections, people find it much more difficult to form opinions on the majority of long-tail topics.
For example, is Toyota more popular today than it was three months ago? How has sentiment toward Solana NFTs (non-fungible tokens) shifted in the past week? AI, on the other hand, excels at solving long-tail problems. By tokenizing the hard-to-quantify, it provides valuable reference points that enable the formation of markets.”
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