The CEO of Coinbase, Brian Armstrong, stated that large language models (LLM) should have AI crypto wallets. This comes as Coinbase is launching the new $15,000 grant program for AI dedicated to bot builders.
Coinbase: Brian Armstrong believes that LLMs should have a crypto wallet AI
Brian Armstrong, CEO of Coinbase, stated that in his opinion, large language models (LLM) should have AI crypto wallets.
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Announcement of the CDP AI grant program. Build AI bots with Coinbase MPC wallets to compete for $15,000 in grants!
LLM are the technology behind AI systems like ChatGPT by OpenAI and Claude by Anthropic.
In practice, Armstrong’s intervention comes in response to the new program just launched by Coinbase through its development platform CDP (Coinbase Developer Platform).
The new program provides $15,000 in grants and is dedicated to bot builders. Specifically, the crypto-exchange will award $3,000 to five projects focused on combining Artificial Intelligence with cryptocurrency wallets.
Coinbase: the new program for the builders of AI crypto wallets
On the dedicated website, Coinbase explains what requirements are needed to participate in the new program with grants.
In practice, the projects must build AI bots that use Coinbase’s MPC wallets and request a grant before the deadline of September 5, 2024.
In his series of tweets, CDP cited Yuga Cohler, the head of engineering at Coinbase, who showed that AI agents cannot obtain a bank account to send/receive automatic payments.
The invitation to the builders is precisely to create a bot in which the AI agents can send/receive payments for free on Base and even earn on the USDC wallet balances.
In this sense, Coinbase is convinced that its MPC Wallet can solve this type of problem and create the crypto wallet AI.
The financial results of Q2 2024
Recently, Coinbase reported its Q2 2024 financial results. In total, Coinbase generated revenues of 1.45 billion dollars but saw a significant decline in its profits.
In practice, l’utile netto è sceso a 36 milioni di dollari. This is a drastic drop compared to the nearly 1.2 billion dollars recorded in Q1 2024.
Among the various causes behind the decline in Coinbase’s profits, there could be the volatility of the crypto market, or the decrease in consumer transaction revenues.
In fact, Coinbase recorded in Q2 2024 a decline of -29% in consumer transaction revenues, for a total of 665 million dollars.
Source: https://en.cryptonomist.ch/2024/08/19/coinbase-for-the-ceo-llms-should-have-a-crypto-wallet-ai/