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Coinbase, the largest U.S.-based exchange, has completed its maiden artificial intelligence (AI) to crypto transaction. This move aligns with its drive toward developing the integration of AI into the digital currency space. The exchange’s CEO shared an update on the novel development in a post on X.
Coinbase exploring AI agents and crypto transactions
According to Brian Armstrong, Coinbase’s co-founder and CEO, the development team at CoinDev enabled a system where AI could carry out transactions using tokens. This implies trading on “words” from one large language model (LLM) to another.
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The achievement marks a significant step in developing AI for a crypto economy. Soon, AI agents will be able to complete tasks on behalf of users and conduct crypto transactions using the same template, even with minor modifications.
Armstrong explained that although the Coinbase AI agents cannot obtain bank accounts, they can access crypto wallets. With these wallets, AI agents could effectively utilize USDC on Base to conduct instantaneous transactions globally.
These transactions may feature not only AI but also humans and merchants.
Building future of AI and financial transactions
Coinbase’s development represents a shift toward using AI to get useful work done by humans, particularly in the financial space. Although the technology to achieve much more in the financial space is limited, Armstrong believes developers working on LLM and AI models can resolve this limitation.
The Coinbase co-founder has challenged developers who are willing to experiment with integrated technology that could use a crypto wallet to conduct payments to join MPC Wallets from the Coinbase Developer Platform.
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The platform has brought together participants who are competing to build AI bots in collaboration with Coinbase MPC Wallet. Their goal is to actualize a system that can integrate AI and blockchain technology. While developers are offered a $15,000 grant as an incentive, Coinbase’s reward will include onboarding millions of new users into crypto.