Algobot and FiO unveil an industry-first algo-trading application of NFTs
Taipei, Taiwan — Blockchain automations start-up FiO unveiled a global industry first NFT collaboration with AlgoBot on April 3rd, 2022. The collaboration allows trading algorithms from AlgoBot’s sponsored global FX algo-trading contest to be minted as NFTs and their trading records to be placed on-chain to enable authentication through FiO’s blockchain automation services.
FiO offers comprehensive blockchain and NFT services from the ground up for commercial partners, enabling businesses with high interest in entering the NFT space, such as algo-trading company AlgoBot, to easily identify and develop relevant NFTs to penetrate the market.
Together, FiO and AlgoBot have designed two blockchain solutions:
AlgoBot uses FiO to record and authenticate the algorithm being used for foreign exchange transactions.
During the trading period, transactions are recorded on the blockchain with a timestamp to verify the timeliness and validity of the algorithm’s performance. Blockchain’s immutability also allows anyone to verify the algorithm’s historical performance. If an algorithm is successful in finding an optimal rate, on-chain authentication will further improve the credibility and value of the algorithm.
AlgoBot uses FiO to mint algorithms into NFTs to be re-sold on the secondary market:
- The top winning algorithms from ACA Joint-University Algo FX Trading Challenge 2021 (Global) can be minted into NFTs, and then re-sold on the secondary market with a lifetime license.
- As an NFT, the algorithm will be encrypted and recorded with the developer’s name and timestamp to protect the owner’s IP.
- Minting an algorithm into an NFT will allow anyone to trace the origin of the algo developer (or owner), in addition to generating new revenue streams if sold on the secondary market.
Through this collaboration, the two organizations commit to identifying new initiatives that transform the way financial communities, developers, and users interact with algorithms, by providing new paths of visibility and monetization strategies that highlight ownership and provenance.
“Together with AlgoBot, FiO is proud to support and innovate alongside developers at the forefront of both technology and finance. This first-of-its-kind application of NFTs allows for the algorithm developers to demonstrate the effectiveness of their models, increase earning potential, and most importantly, prove ownership of their creations.” said George Chu, CEO of FiO.
Furthermore, he added, “With this new blockchain powered ecosystem, trading algorithm projects around the world will benefit from a proven model that exhibits how the technology can propel development and growth in the market.”
– – – – – –
FiO, based in Taipei, is a blockchain automations company. Built for business efficiency, FiO provides no-code, easy-to-use templates and microservices that require no technical experience for customers to quickly adopt blockchain. The key is that FiO’s cost-friendly solutions seamlessly integrate with existing legacy systems. Therefore, customers can focus on their business, not which blockchain solution to use.
– – – – – –
AlgoBot, based in Hong Kong, is a FinTech company providing one-stop solutions for algorithmic trading. They are primarily an investment platform where one can develop, test, execute, and invest with trading bots at its coding lab ALGOGENE. They also run a marketplace platform for licensing and incubating algorithms. Additionally, AlgoBot provides training via their education patner Algo Challenge Association to nurture algo-trading developers and employment opportunities by connecting algo talents with financial institutions. According to their website, their objective is to “identify and nurture the next generation of algo trading talent to advance the FinTech industry in different regions.”