Coinbase Witnesses First Crypto Transaction Between AI Bots
Crypto exchange Coinbase experienced its first crypto transaction between artificial intelligence (AI) bots on August 30, as announced by CEO Brian Armstrong.
In this groundbreaking transaction, a large language model (LLM) utilized crypto tokens to purchase AI tokens from another AI bot. These bots are specifically designed to execute crypto transactions.
While AI bots cannot hold bank accounts, they are capable of owning crypto wallets, enabling them to engage in transactions with humans, merchants, and even other AIs. Armstrong highlighted the benefits of these transactions, describing them as instant, global, and free.
“Those transactions are instant, global, and free.”
Armstrong also acknowledged the current limitations of AI agents, noting that they struggle to accomplish tasks effectively due to technology constraints. Despite ongoing efforts by companies like Devin AI, the development of transaction-capable AI agents remains a work in progress.
Furthermore, Armstrong emphasized that the inability of AI agents to conduct transactions hinders their potential, preventing them from fulfilling tasks that require financial transactions, such as booking flights or promoting content on social media platforms.
Recognizing the transformative potential of transaction-capable AI agents, Armstrong believes that businesses can greatly benefit from AI checkout-enabled shopping carts.
Development of Transacting AI Bots
Coinbase is not alone in exploring the capabilities of AI bots in conducting transactions. For example, Skyfire, a blockchain development firm, recently introduced a payment platform that empowers AIs to make financial transactions.
Similarly, Biconomy, a Web3 infrastructure company, has onboarded AI bots to facilitate on-chain transactions and trading activities.
