AI Optimization of Crypto Exchange Functions: Insights from Bitget Executive
In major cryptocurrency exchanges, the integration of artificial intelligence tools brings effective solutions across multiple functions and departments. These AI-driven solutions revolutionize operations, enhancing efficiency and productivity within the exchange ecosystem.
According to Gracy Chen, the Managing Director of Bitget, cryptocurrency exchanges are actively leveraging artificial intelligence (AI) to enhance internal departments and functions. In an exclusive interview with Cointelegraph editor Zhiyuan Sun at EthCC in Paris, Chen shed light on the innovative approaches adopted by Bitget. The exchange is embracing AI tools across various everyday processes to drive improvements. Chen emphasized that the company actively encourages its management team to provide feedback on the AI tools and services they are utilizing and experimenting with across different departments.
Related: Vitalik Buterin discusses Ethereum's account abstraction challenges at EthCC
In 2023, artificial intelligence (AI) has emerged as a significant focus in the technology industry. OpenAI's ChatGPT chatbot, a powerful language learning model, has gained attention for its wide range of applications and its potential to revolutionize multiple sectors.
According to Chen, AI tools have proven particularly valuable for Bitget's translation team, streamlining the process of providing multi-language services and supporting the customer service department. Additionally, Bitget is collaborating with a third-party company to develop a customized crypto version of ChatGPT. This tailored bot aims to enhance users' trading activities by providing faster responses, personalized information, and trading data.
As previously explored by Cointelegraph, Bitget introduced an AI-powered feature for its grid trading strategies. This feature enables users to leverage trading algorithms for automated transactions. By simplifying grid trading, the bot only requires users to input their desired strategy and investment amount. The bot then iterates through parameters to generate a variety of trading strategies for the selected trading pair.
Related: Bitget's Regulatory License in Poland Secured, Q1 Reserves Reach $80M
Grid trading employs trading algorithms to automate transactions, allowing the bot to execute buy and sell orders within specific price ranges and time intervals, utilizing a profitable "buy low, sell high" strategy.
According to Chen, the Managing Director of Bitget, virtually every department is actively exploring AI applications to drive innovation and efficiency.
Chen also highlights the potential of zero-knowledge proof (ZK-proofs) technology to enhance cryptocurrency exchanges. This technology offers privacy-enhancing features that safeguard user funds and data from mishandling.
"ZK-proofs are incredibly valuable in protecting user data. We have been conducting various experiments, including using zk-rollups to ensure the security and privacy of our users' information."
Chen further explains that zk-proofs would restrict access to certain data within Bitget's internal systems, prioritizing user confidentiality. Moreover, zero-knowledge proofs have the potential to enable self-custody of user funds through zk-rollups, providing an alternative to centralized exchanges for custody services.
Jul 19, 2023
