Binance announced a new partnership with Amazon’s AWS Cloud, using generative AI solutions. This AI technology will focus on the user experience for Binance’s 237 million consumers.
If early results look promising, Binance will leverage AWS Cloud AI for more behind-the-scenes functions.
Binance’s AI improvements
According to an exclusive press release shared with BeInCrypto, Binance has partnered with Amazon Web Services (AWS). Specifically, the exchange will leverage AWS’s cloud and generative AI features to improve the user experience. AWS is the only cloud provider to sponsor Binance Blockchain Week and sees opportunities for further collaboration.
“We are excited to support Binance’s mission. By leveraging services like AWS, Binance is pioneering new approaches to system optimization and automated troubleshooting. We look forward to continuing to support Binance in developing cutting-edge solutions,” said Arni Raghvender, Director of Cloud and AI Innovation at AWS.
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Both companies have shown increased interest in AI solutions in recent months. Last November, Amazon launched Q, a generative AI assistant. Q was intended to both optimize Amazon’s previous business services chatbots and add new features. In other words, this program also primarily focused on providing an easy experience for users.
Today’s press release claims that AWS tools will provide internal automated system diagnostics. However, most functions fall under this external focus, such as customer onboarding, customer support, and more. If these programs perform well after live testing, Binance plans to include AI compliance and risk management solutions.
On the other hand, Binance is also pursuing its own AI development. In August, Binance Labs, the exchange’s investment arm, backed a decentralized AI research firm with $43 million. Decentralized AI research, especially cloud solutions, has become increasingly important recently.
The press release repeatedly highlighted the technical difficulties in running Binance, which has a fast trading environment, 24-hour activity and sensitive financial information. The exchange currently has 237 million registered users and foresees continued growth. Amazon hopes to use these circumstances to stress test its AI solutions.
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In other words, AWS Cloud’s biggest contribution will be small but consistent technical improvements in several areas. The companies provide several specific examples, such as a 6% increase in approval rate for proof of address, or a 30% decrease in time spent on manual World-Check case reviews. Together these will provide technical improvements and valuable research data.