Cryptocurrency exchange Coinbase witnessed the first cryptocurrency trade between an artificial intelligence (AI) bot on Aug. 30, CEO Brian Armstrong announced in a post on X.
He explained that one large-scale language model (LLM) used crypto tokens to buy AI tokens from another AI bot, which is developed to perform a specific task, in this case, performing crypto transactions.
AI bots will not be able to have bank accounts, but they will have cryptocurrency wallets. These AI bots will be able to transact with humans, merchants, and other AIs. Armstrong noted:
“These transactions are instant, global and free.”
Armstrong said AI agents currently aren't effective because they are assigned tasks and then left alone for hours or days, yet can't seem to accomplish them.
“Today, if you give an AI agent a task and it comes back days or hours later, it won't have completed any useful work.”
Armstrong explained that this is due to technological constraints, and while some companies, such as Devin AI, are working on this, they're still a long way from achieving their goal.
He also believes that AI agents will not be effective because they will not be able to execute transactions to obtain the resources they need. For example, if you ask an AI agent to book a flight, it will fail because it does not have a credit card or payment method. This also makes it impossible to promote your posts through ads on X and other social media platforms.
Armstrong believes that having AI agents that can conduct transactions would be a game changer that everyone could benefit from, especially for businesses that can use them to turn their shopping carts into AI checkout-enabled.
Developing a trading AI bot
Coinbase isn't the only company looking to empower AI to make transactions: Earlier this month, for example, blockchain development firm Skyfire announced the launch of a payments platform that will allow AI to spend money.
In June, Web3 infrastructure company Biconomy began onboarding AI bots, allowing users to delegate trading activities to AI agents, which can then execute on-chain transactions.
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