Imagine a world where AI conducts cryptocurrency transactions without human involvement. Coinbase has just made this a reality, marking a pivotal moment in the intersection of AI and finance.
Learn how this breakthrough could unlock new possibilities for AI in financial services and beyond.
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Coinbase Achieves AI-to-AI Cryptocurrency Trading Success
On August 31, 2024, Brian Armstrong, CEO of Coinbase, one of the leading cryptocurrency exchanges in the United States, announced on X (formerly Twitter) that the company had successfully conducted cryptocurrency trading between AI entities.
This groundbreaking report highlights that AI bots were able to execute token exchanges (purchasing tokens with other tokens) without human intervention.
This achievement is considered a significant step toward enabling AI to perform valuable tasks in the financial sector.
Armstrong explained, "AI cannot hold a bank account, but it can have a cryptocurrency wallet." He further stated that AI could now use platforms like BASE to trade USDC with humans, exchanges, or other AIs.
Armstrong also pointed out that one of the major obstacles limiting AI's potential is the issue of payments. For instance, current AI cannot use credit cards to book flights or hotels.
He emphasized that the inability to process payments is a significant barrier as AI continues to tackle various tasks.
Regarding AI-driven payments, Armstrong urged businesses, "If you're selling something, consider adding an AI checkout function to your shopping cart. Financial services incorporating AI will benefit everyone in the future. In a few years, an AI-to-AI economy will flourish."
Coinbase Accelerates AI-Related Development
In recent months, Coinbase has been actively exploring the potential of AI and cryptocurrency.
On August 17, 2024, Coinbase announced a grant program for AI-related projects. This program offers a $3,000 grant (with a total of $15,000 available) to projects that build AI bots utilizing MPC wallets.
Coinbase has also published several tests using wallets equipped with AI bots, including the recent announcement, indicating that the company is conducting extensive research within its operations.
Armstrong has consistently shown a proactive stance on AI adoption and development. In September 2023, he publicly expressed skepticism about AI regulation.
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U.S. Government Moves to Strengthen Regulations on Cryptocurrency and AI
The U.S. government is advancing efforts to regulate cryptocurrency and AI, aiming to adapt to the fast-changing digital landscape. Experts are divided on the potential impact.
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