Coinbase launches $15K AI wallet grants

Cryptocurrency exchange Coinbase recently launched an artificial intelligence accelerator grant program to award $3K to five projects

CryptoFortress

Aug 18, 2024 - 03:23

Coinbase has recently introduced an AI accelerator grant program, offering $3,000 each to five projects that aim to merge artificial intelligence with crypto wallets. Brad Armstrong, CEO of Coinbase, highlighted the potential of large language models (LLMs), the technology behind AI systems like OpenAI’s ChatGPT and Anthropic’s Claude, to handle finance-related tasks if appropriately integrated.

Coinbase launches $15K AI accelerator grants to integrate AI with crypto wallets — *Source X: Brad Armstrong*

CEO Brad Armstrong advocates AI with crypto capabilities

Armstrong stated that LLMs should have crypto wallets, emphasizing the importance of enabling AI agents to “get work done on your behalf and participate in the economy.”

On August 12, Coinbase’s engineering lead, Yuga Cohler, shared a demo of the “AI Wallets” feature on X. In the demonstration there was an organization compensating individuals for their participation in human-feedback sessions to train an image recognition model.

During the demo, Cohler selects the best image from three options. After making a choice and completing his task, the model directly transfers payment to his cryptocurrency wallet.

This concept is almost similar to Amazon’s Mechanical Turk, where people are paid for tackling simple online tasks. However, it is a bit different in this case since the potential applications of AI systems handling wallet transactions are extensive.

Coinbase Grant program explores On-Chain AI payment solutions

The Coinbase Developer Platform has announced a $15,000 accelerator grant program aimed at exploring these applications. The program seeks innovative “bots” built using LLMs with connectivity to Coinbase’s MPC wallets.

According to Coinbase, the grant aims to overcome a significant hurdle in AI development: the lack of bank accounts for AI agents to handle automated payments. By focusing on building on-chain solutions, the company believes it can effectively overcome this issue.

Moreover, integrating AI into cryptocurrency wallets has the potential to greatly enhance user experience and security. For instance, AI-driven wallets could provide customers with user-friendly interfaces, simplifying the management of their digital assets. Moreover, AI has the capability to boost security by identifying and stopping transactions instantly, offering users increased peace of mind.

Applications for the grants are open until September 5.