Devs demonstrate AI to AI crypto transactions on Coinbase Developer Platform – Crypto News – Crypto News
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Devs demonstrate AI to AI crypto transactions on Coinbase Developer Platform Devs demonstrate AI to AI crypto transactions on Coinbase Developer Platform

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Devs demonstrate AI to AI crypto transactions on Coinbase Developer Platform – Crypto News

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1 year ago

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  • Coinbase saw its first AI-to-AI crypto transaction using AI tokens on its developer platform.
  • The AI agents used crypto wallets to transact with AI tokens, bypassing traditional finance.
  • This marks a step toward autonomous AI-driven economies and AI-enabled checkouts.

This week, the cryptocurrency world took a significant leap forward as Coinbase, a leading cryptocurrency exchange, witnessed its first AI-to-AI crypto transaction.

Overseen by Coinbase CEO Brian Armstrong, this event marks a groundbreaking development where AI agents autonomously executed a transaction using AI tokens. This could pave the way for AI-driven economies, with AI agents performing increasingly complex tasks through crypto transactions.

Successful crypto transaction with AI agents on Coinbase

The transaction, conducted on the Coinbase Developer Platform, involved two AI agents, bots designed to carry out certain tasks, exchanging AI tokens — essentially strings of data that enable learning and task execution.

Armstrong, in his announcement, emphasized the importance of this development stating, “AIs are now paying other AIs with crypto,”  and highlighting how one AI agent used tokens to purchase tokens from another.

This development is more than just a technical achievement; it symbolizes a critical step toward enabling AI agents to complete useful tasks autonomously.

Traditionally, AI agents have faced limitations due to their inability to access traditional financial services like bank accounts or credit cards. These limitations have restricted their capacity to perform tasks that require transactions, such as booking flights, managing ads, or accessing paid APIs.

However, with the integration of crypto wallets, AI agents can now bypass these hurdles. Using USDC on Base, a blockchain developed by Coinbase, AI agents can transact instantly, globally, and free of charge.

This development opens up new possibilities for AI agents to acquire the resources they need to complete tasks more efficiently, without human intervention.

The future of AI-driven economies

The introduction of AI-to-AI crypto transactions could herald a new era in AI-driven economies.

Armstrong has been a vocal advocate for equipping AI agents with crypto wallets, seeing this as essential for their participation in the digital economy. While stressing the need for AI agents to have financial capabilities, he pointed out, “AI agents cannot get bank accounts, but they can get crypto wallets.”

Recent developments by firms like Skyfire and Biconomy further support this vision. Skyfire has launched a platform that allows AI agents to spend money autonomously, while Biconomy’s Delegated Authorization Network enables AI agents to execute on-chain transactions on behalf of users.

These innovations are building a foundation for a future where AI agents can autonomously interact with humans, merchants, and other AI agents, performing tasks ranging from routine purchases to complex operations.

As AI technology continues to evolve, the integration of crypto wallets into AI models may become a standard practice, enabling a robust AI-to-AI economy. Companies are encouraged to prepare for this shift by adapting their services for AI-enabled checkouts, as the potential for an AI-driven economy expands.

The future may very well see AI agents not only contributing to but actively driving economic activities on a global scale.

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