Coinbase CEO Celebrates First AI to AI Transactions

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Coinbase CEO Brian Armstrong recently pointed out that another AI tool completed an Artificial Intelligence (AI) transaction. This suggests that innovative technology has transcended to another level. Armstrong noted that an AI bot completed his AI crypto transaction. This is a breakthrough for the industry, especially after several attempts to develop platforms that allow AI agents to execute transactions. 

Armstrong stated that an AI bot designed to perform certain tasks interacted with another AI agent via crypto tokens, resulting in the acquisition of more AI crypto tokens.

Armstrong List Problems of AI Agents

Furthermore, he cited the lack of transaction capabilities as the reason for AI agents’ ineffectiveness.

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— Brian Armstrong (@brian_armstrong) August 30, 2024

The absence of a payment method leads to struggles with simple tasks like booking plane tickets or hotels. It also impedes the management of social media tasks beyond content creation. This could include promoting posts with paid ads.

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“AI agents cannot get bank accounts, but they can get crypto wallets. They can now use USDC on Base to transact with humans, merchants, or other AIs. Those transactions are instant, global, and free,” Armstrong added.

Coinbase CEO Urge AI Firms to Revolutionize LLMs

Only a few weeks ago, Armstrong called on AI firms like OpenAI and Anthropic to develop large language models (LLMs) with crypto wallets. He believes this will help AI agents participate actively in the crypto financial ecosystem. Armstrong looks forward to a future where crypto trading, market trend evaluation, and financial decision-making are outsourced to AI. 

For emphasis, he added, “Let’s help AI agents get work done (on your behalf) and participate in the economy.” This vision is the basis of the new Coinbase Developer Platform, CDP AI Grant program.

Crypto Firms Launch Platforms For AI Agents

So far, a few crypto firms have rolled out new platforms that allow AI agents to execute transactions. This month, blockchain development firm Skyfire introduced a payment platform that affords AI agents the luxury of autonomous money spending. 

Even Web3 infrastructure firm Biconomy onboarded AI agents in June. This step was aimed at enabling on-chain transactions on behalf of users. 

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