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Cryptocurrency exchange Coinbase witnessed its first crypto transaction between artificial intelligence (AI) bots on August 30, CEO Brian Armstrong announced in a post on X.
He explained that a large language model (LLM) used crypto tokens to buy AI tokens from another AI robot. Robots are developed to perform specific tasks, in this case, to make crypto transactions.
While AI robots cannot have bank accounts, they can own cryptocurrency wallets. These AI robots will now be able to transact with humans, traders, and other AIs. Armstrong noted:
“These transactions are instant, global and free.”
According to Armstrong, AI agents are currently not effective because even when given a task and left alone for hours or days, they don’t seem to be able to complete it. He said:
“Today, if you give an AI agent a task and come back in a few days or hours, it can’t do any useful work.”
Armstrong explains that this is due to the constraints of the technology. While some companies, like Devin AI, are working on it, they are still far from reaching their goal.
He also believes that AI agents are inefficient because they cannot perform transactions to acquire the necessary resources. For example, if you ask an AI agent to book you a plane ticket, it will fail because it does not have a credit card or payment method. This also prevents them from promoting their post on X or other social media platforms through ads.
Armstrong believes that having AI agents that can complete transactions will be a game changer that benefits everyone. This is especially true for businesses that can use AI agents to make their shopping carts AI-enabled.
Development of transactional AI robots
Coinbase isn’t the only company trying to empower AIs to make transactions. For example, earlier this month, blockchain development firm Skyfire announced the launch of a payments platform that lets AIs spend money.
In June, Biconomy, a Web3 infrastructure company, began integrating AI bots. This allows users to delegate trading activities to AI agents, which can then perform on-chain transactions.
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