Coinbase Explains Why Crypto Is ‘Such a Great Ecosystem’ for AI
In an interview with CNBC on September 5, Nemil Dalal, product lead of the Coinbase Developer Platform (CDP), discussed the intersection of artificial intelligence (AI) and cryptocurrency (crypto), describing how Coinbase executed its first AI-to-AI crypto transaction.
Dalal noted that AI and crypto are among the most exciting developments in technology today. Crypto’s programmability, which allows for “if this, then that” functionality, makes it a powerful tool for AI. Additionally, AI agents often can’t open traditional bank accounts, but they can use crypto wallets, which are much more accessible.
Dalal explained that AI and crypto represent the future of financial ecosystems. Previously, AI involved humans interacting with AI systems, such as paying AI to perform tasks. Looking ahead, Dalal described scenarios where AI agents might pay each other. He provided an example of how AI agents can now communicate and transact with one another, such as a specialized web-crawling AI interacting with another AI agent that needs the information. In this case, crypto facilitates payment between the two AI agents.
Dalal referred to a recent post from Coinbase CEO Brian Armstrong, who highlighted the significance of Coinbase’s first AI-to-AI crypto transaction.
AI agents, though unable to open bank accounts, can now use USDC on Coinbase’s Layer 2 blockchain, Base, to transact with humans, merchants, and other AI agents. Dalal emphasized that many future AI-crypto transactions will follow.
Demand for AI-crypto transactions is already significant, Dalal said, with many developers experimenting on Coinbase’s developer platform. He pointed to a demo available at AIWalletsDemo.com, which allows users to link a crypto wallet to an AI bot. Dalal outlined three main types of AI-crypto transactions: humans paying AI agents, AI agents paying humans, and AI agents paying other AI agents for specialized tasks.
When asked about the potential of the AI-to-AI economy, Dalal cited the large amount of developer activity in both AI and crypto. He referenced predictions from Bitwise and VanEck that AI and crypto could add $10 billion to $20 trillion to the global economy by 2030. While specific figures are uncertain, Dalal emphasized that the utility of AI and crypto is clear and is expected to grow significantly.
Dalal also discussed Coinbase’s AI strategy, which spans across multiple functions. He mentioned the use of AI agents for customer service and for helping developers build applications quickly. He noted that his focus is on developers, ensuring they have the tools, APIs, and wallets needed to use the crypto ecosystem effectively.
Dalal provided examples of upcoming tools from the Coinbase Developer Platform, including Onchain Kit, which enables developers to build on-chain applications in minutes. He also mentioned the availability of smart wallets for end users and API wallets for developers. Dalal highlighted that Coinbase’s goal is to simplify blockchain development, improve security, and make it easier for developers of all skill levels to build on-chain applications.
Dalal concluded the interview by expressing optimism about the future of AI-crypto transactions and the growing AI-to-AI economy. He said that the combination of AI and crypto holds immense potential and that Coinbase is committed to supporting developers through its platform.
Featured Image via Coinbase
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