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    Crypto-native AI will transform Web3: Coinbase Ventures

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    Blockchain and AI are expected to integrate more freely, with AI systems being capable of developing apps and trading cryptocurrencies, per a report by Coinbase Ventures. The report envisions AI managing its own crypto wallets and transactions, and suggests AI will become a major player in onchain apps and crypto commerce. Investment in AI startups in Q3 2023 saw $213 million in funding, while venture capital firms invested $19 billion into AI startups in the same period, accounting for 28% of all venture funding.

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    Hey there, here’s some news that’s a pretty big deal in the world of tech and crypto. Blockchain and AI are starting to hang out together, according to a report by Coinbase Ventures on October 24. In this future scenario, we’ll see smart, self-learning AI systems develop their own apps and trade crypto, not just with us humans but also with other AI systems.

    Ever imagined a world where AI has its own crypto wallets and can make transactions by themselves or use stablecoins to pay us humans and other AI to complete tasks? According to the Coinbase Ventures report, that’s kind of the future we’re heading towards.

    By the way, crypto-focused venture capital firms are seriously catching the blockchain and AI bug. AI-related startups managed to bag around $213 million in investments from VCs in Q3 2023, says Messari, a crypto researcher.

    There was some buzz on October 10, when Aethir, a provider of decentralized graphic processing units, revealed its plan to splurge a cool $100 million on the Aethir Ecosystem Fund to speed up the development of AI and gaming.

    On October 24, we saw a Web3 payments platform called Skyfire raise a solid $9.5 million from venture capitalists, including Coinbase Ventures and a16z. The funds are for building infrastructure that would allow AI agents to trade in US Dollar Coin (USDC), a stablecoin, all on their own.

    Skyfire’s innovation is pretty popular among AI developers, with many already getting on board the payment network. According to Coinbase Ventures, crypto will be the ‘go-to’ payment method for AI-to-human and AI-to-AI commerce. They also predict that AI will soon create most software code and start a massive surge of onchain apps and experiences.

    Crunching the data, we can see that VC firms poured in a hefty $19 billion into AI startups in Q3, making up 28% of all venture funding for that time.

    Source: Cointelegraph

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