The Fetch.ai crypto protocol has started collaborating with the electronics giant Bosch.

Bosch and the artificial intelligence-oriented crypto protocol Fetch.ai are joining forces to create a new fund called the Fetch.ai Foundation.

Bosch and Fetch.ai will lead the management of the Fetch.ai Foundation fund and aim to expand it with other, yet-to-be-named, participants.

"Bosch will help us accelerate the adoption of Web3 in the industry and encourage other industry participants to join us on this path," said Fetch.ai founder Humayun Sheikh.

The Fetch.ai Foundation fund will explore and develop Web3 technology. This is the third generation of the internet based on blockchain technology, while we are currently in Web 2.0.

As a result of this announcement, the FET token of Fetch.ai jumped almost 6% to $0.44237 in the past 24 hours, although the price also spiked up to 50 cents per token.