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Coinbase CEO Brian Armstrong calls for AI to take charge of crypto wallets, unveiling a $15K grant initiative to accelerate this revolutionary concept.
Coinbase's $15K Grant Program to Fuel AI-Driven Wallets
Exchange of cryptocurrency Five startups that aim to integrate AI with cryptocurrency wallets will each get $3K from Coinbase's new artificial intelligence accelerator grant program.
Coinbase CEO Brad Armstrong claims that, with the right tools, large language models (LLMs)—the brains behind AI systems like ChatGPT from OpenAI and Claude from Anthropic—could handle financial chores.
In an Aug. 12 post, Coinbase's head of engineering, Yuga Cohler, demonstrated the "AI Wallets" function to X. To train an image recognition model, Cohler shows a scenario in which a company pays individuals to take part in human-feedback sessions.
Cohler is asked by the algorithm to select the photo that he "thinks is best" out of three options, Cointelegraph reports. The model can deposit his payment into his bitcoin wallet as soon as he completes his pick, thereby aiding in the AI's training.
AI Wallets Could Revolutionize Financial Transactions
A little amount of Amazon Mechanical Turk, where people are paid to do basic internet activities, comes to mind in this situation. On the other hand, teaching an AI system to send and receive wallet transactions could have a lot of potential applications.
To support the investigation of such use cases, the Coinbase Developer Platform has unveiled a $15K accelerator award program. The Coinbase website makes it clear that the corporation is on the hunt for any practical "bot" that can be created with an LLM and linked to Coinbase's MPC wallets.
AI's Role in Crypto Wallet Development
According to Coinbase, the purpose of the funding is to explore potential commercial uses of artificial intelligence:
“A major barrier to building useful applications with AI is that AI agents can’t get a bank account to send/receive automated payments. Building onchain fixes this.”
All applications for the grants must be submitted no later than September 5th.
