Freight Technologies (FRGT) said Tuesday it had entered a securities purchase agreement with Fetch Compute to purchase $5.2 million worth of FET cryptocurrency tokens in exchange for 2.3 million Series A4 shares of the company.
The decision to acquire FET tokens will allow Freight Technologies to participate in decentralized machine learning platform Fetch.ai's AI ecosystem for a competitive edge in the logistics industry, the company stated.
It added that the token purchase creates asset diversification and enables Freight Technologies to introduce crypto in the over-the-road carrier and logistics market.
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