Coinbase Conducts AI Crypto Transactions

Brian Armstrong announced the milestone achievement by crypto exchange Coinbase recording the first-ever AI-to-AI crypto transaction.

Major crypto exchanges, such as Coinbase, are making the first move to integrate artificial intelligence (AI) into crypto transactions. Coinbase CEO Brian Armstrong announced that the exchange’s developer team has recorded the first-ever AI-to-AI crypto transaction on the platform.

Coinbase Conducts AI Crypto Transactions

Coinbase’s developer team has achieved a milestone in the field of AI integration by conducting the first-ever AI-to-AI crypto transaction. This transaction, which saw one AI platform purchasing “tokens” from another, differs from the traditional crypto transaction concept.

Essentially, the transaction involved an exchange of words between two large language models (LLMs). The Coinbase developers performed these transactions on the Layer 2 Network Base using the USDC stablecoin to demonstrate the potential for AI agents to conduct financial transactions instantly, globally, and without any fees.

Armstrong further highlighted that, at present, the AI agents do not have access to bank accounts, but they can hold crypto wallets, which enables them to transact with other AIs, humans, and merchants. This marks a significant step in allowing the AI agents to perform useful actions autonomously.

According to Armstrong, AI agents currently face difficulties in performing certain actions, such as booking travel or accessing paid APIs, due to their inability to use traditional payment methods, like credit cards, to acquire resources.

Coinbase is now encouraging its developers to work on integrating LLMs and AI models into crypto wallets using the MPC Wallets from the Coinbase Developer Platform. This could also help in unlocking new capabilities for AI in the digital economy.

Moreover, Armstrong has pitched for working on AI-enabled checkouts, predicting that the AI-to-AI economy could become a major force in the coming years.

Crypto and AI

Cryptocurrencies and artificial intelligence (AI) are two of the most rapidly emerging industries in the present market scenario. Professionals in each of these industries are working on building synergy between the two.

In the wake of Nvidia’s earnings earlier this week, AI crypto tokens, such as Fetch.ai (FET), Bettensor (TAO), Render, and others, have shown a strong surge in the past 48 hours.

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