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Blockchain startup aelf has unveiled a new $50 million ecosystem fund aimed at prioritizing the integration of artificial intelligence into the blockchain.
Singapore-headquartered blockchain ecosystem <a href="https://crypto.news/tag/aelf/" target="_blank" rel="noopener noreferrer nofollow">aelf</a> is launching a new multi-million dollar initiative to transition from a decentralised network to a “vibrant ecosystem enriched with state-of-the-art AI models.”
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 📢ANNOUNCEMENT📢 As we envision AI to be the next catalyst for the future of blockchain, we are excited to announce that aelf will be undergoing an AI transformation, pivoting its focus to integrating <a href="https://twitter.com/hashtag/AI?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#AI</a> technology into its blockchain. The transformation will unlock new… <a href="https://t.co/CgyWAu00Dc" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/CgyWAu00Dc</a>— ælf (@aelfblockchain) <a href="https://twitter.com/aelfblockchain/status/1778718729725210939?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">April 12, 2024</a>
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In a <a href="http://medium.com/aelfblockchain/aelf-blockchain-takes-the-lead-in-asia-to-integrate-ai-085392501c99?utm_source=yas7crypto98henewsks89h" target="_blank" rel="noopener noreferrer nofollow">blog announcement</a> on Apr. 12, the aelf team said that its investment arm, aelf Ventures, will be “strategically deploying” its $50 million Ecosystem Fund to support “innovative AI initiatives seeking blockchain enablement.”
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 “With the roll-out of developer-friendly toolkits, aelf will further catalyze this AI blockchain innovation by empowering the community to utilize those new technologies for data pre-processing, model training, fine-tuning and deployment, agent development, on-chain deployment and monetization with the aelf blockchain environment.”
 The aelf team
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Although the funding criteria haven’t been revealed, the announcement suggests that current projects and games on the aelf blockchain are preparing to incorporate AI capabilities, reflecting a growing interest in the synergy of blockchain and AI among companies.
As crypto.news previously <a href="https://crypto.news/blockchain-startup-aptos-partners-with-io-net-to-decentralize-access-to-ai/" target="_blank" rel="noopener noreferrer nofollow">reported</a>, Aptos Labs, the firm behind the Aptos blockchain, and io.net entered into a partnership to improve access to scalable GPU resources, aiming to enhance AI and machine learning capabilities. As part of the deal, io.net and Aptos Labs will collaborate on creating a range of AI models and products for their eventual release on the Aptos blockchain network.
Read more: <a href="https://crypto.news/a16z-crypto-sees-bright-future-for-blockchain-in-2024-says-it-can-decentralize-generative-ai/" rel="noopener noreferrer nofollow"> A16z crypto unveils blockchain’s key use cases with AI </a>

Singapore-based blockchain startup aelf joins AI race with $50m fund

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