Binance announced a new cooperation with Amazon’s AWS Cloud, employing generative AI solutions. This AI technology will focus on the user experience for Binance’s 237 million consumers.
If the initial results seem promising, Binance will employ AWS Cloud AI for more behind-the-scenes functions.
Binance’s AI Improvements
According to an exclusive press release shared with BeInCrypto, Binance is partnering with Amazon Web Services (AWS). Specifically, the exchange will employ AWS’ cloud and generative AI functions to enhance the user experience. AWS is the only cloud provider sponsoring Binance Blockchain Week, and sees an opportunity for continued cooperation.
“We are excited to support Binance’s mission. By leveraging services like AWS, Binance is pioneering new approaches to system optimization and automated problem-solving. We look forward to continuing supporting Binance to develop cutting-edge solutions,” said Arni Raghvender, Director of Cloud and AI Innovation at AWS.
Read more: Binance Review 2024: Is It the Right Crypto Exchange for You?
Both of these companies have shown an increased appetite for AI solutions in recent months. Last November, Amazon launched Q, a generative AI assistant. Q was intended to both optimize and add new features to Amazon’s previous chatbots for enterprise services. In other words, this program also primarily focused on a convenient experience for users.
Today’s press release does claim that AWS tools will provide internal automated system diagnosis. However, most of its functions fall under this outward focus, like client onboarding, customer support, and more. If these programs function well after live testing, Binance plans to include AI compliance and risk management solutions.
On the other hand, Binance has also been pursuing its own AI development. This August, the exchange’s investment arm Binance Labs backed a decentralized AI research firm with $43 million. Decentralized AI research, especially cloud solutions, has grown in prominence lately.
The press release repeatedly stressed the technical difficulties of running Binance, which has a fast-paced trading environment, 24-hour activity, and sensitive financial information. The exchange currently boasts 237 million registered users, and foresees continued growth. Amazon hopes to use these conditions to stress-test its AI solutions.
Read more: How Will Artificial Intelligence (AI) Transform Crypto?
In other words, AWS Cloud’s biggest contribution will be through small yet consistent technical improvements in a variety of fields. The firms give several specific examples, like a 6% increase in proof of address approval rate, or a 30% decrease in time spent on manual World-Check case reviews. Together, these will provide technical improvements and valuable research data.
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