New ChatGPT-powered chatbot could 'co-pilot' your cryptocurrency trading

The company plans to incorporate additional Large Language Models, such as Google's Bard AI and those provided by OpenAI.
Baba Tamim
Stock photo: A robot hand holding a bitcoin sign.
Could a ChatGPT-powered chatbot 'co-pilot' your cryptocurrency trading?


FalconX, a premier broker based in San Francisco, plans to transform the cryptocurrency industry by placing chatbot tech in the "co-pilot seat" for investors. 

The chatbot, called Satoshi, will use OpenAI's technology to create investment ideas for users based on their prior trading history, portfolios, and hobbies, Forbes magazine reported on Thursday.

The technology is still in its early phases but is developing swiftly, according to Raghu Yarlagadda, CEO of FalconX. 

In the present prototype, which has only been accessible for a few weeks, users can mostly receive personalized news summaries that are similar to the usual ChatGPT responses to user inquiries. 

However, there are plans to incorporate additional Large Language Models, such as Google's Bard, in addition to those provided by OpenAI.

FalconX's machine-learning algorithms were incorporated into the platform from the beginning of 2018 to get a clear image of the market, with the initial usage concentrating on cleaning up market data to sift out the fictitious activity and wash trade.

Satoshi will use LLM 

While machine-learning algorithms are capable of identifying patterns and foreseeing acts, they are unable to direct traders' future moves. Large Language Models can use this as a basis and then layer so-called generative artificial intelligence on top of it, said the Forbes report. 

Having worked on Satoshi for more than nine months, FalconX is currently testing and developing the chatbot using OpenAI's infrastructure and API stacks. The business wants to make ChatGPT's LLM the foundation for a variety of applications.

Since 10% of traders use computational models to conduct 90% of all legitimate cryptocurrency trading, Satoshi will help level the playing field for small investors. 

The goal of Satoshi is to enable the remaining 45% of hedge funds to compete on an equal level with large, quantitative operations in at least a portion of their trading.

To provide briefings tailored to clients' interests or holdings, Satoshi can comb through all pertinent news and information from both traditional and social media, providing answers to queries like:

"How did my portfolio do over the past 24 hours?" or "Who are the three biggest players in the cryptocurrency space?".

The potential for a partnership between FalconX and OpenAI is enormous, but the real question is whether it will be successful.

However, as technology develops and more people become accustomed to AI-assisted trading, there will probably be a substantial change in how investors engage in Bitcoin trading.

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