Coinbase’s AI Agent Tool Targets Crypto and Blockchain Innovation

Coinbase, a leading cryptocurrency exchange, has introduced a new artificial intelligence (AI) tool to simplify AI agent creation for developers.

This move aligns with the growing activity and demand for AI agents within the crypto industry.

On October 26, Coinbase developer Lincoln Murr announced the release of “Based Agent.” This is an AI tool designed to streamline the process of building AI agents. Coinbase CEO Brian Armstrong highlighted the tool’s efficiency in setting up AI agents in less than three minutes.

“Create an AI agent with a crypto wallet (and optional X account) in less than 3 minutes,” he stated.

The tool enables developers to create AI agents with integrated crypto wallets and complete on-chain functionality on Base, Coinbase’s Layer-2 (L2) network. These AI agents can execute various on-chain tasks, such as trading, swapping, and staking.

Moreover, Murr emphasized Coinbase’s vision of making AI agent development accessible to all users. Developed with Coinbase’s software development kit (SDK), the tool also incorporates technology from OpenAI and Replit. To begin, users need application programming interface (API) keys from Coinbase and OpenAI, along with a forked Replit template.

Read more: How Will Artificial Intelligence (AI) Transform Crypto?

Based Agent serves as a customizable template that developers can adapt to their unique requirements. Customizations can include linking to smart contracts, executing trades, performing swaps, managing staking activities, and registering Base names.

Meanwhile, the Based Agent’s functionality is not confined to the Base network. According to Murr, the tool also supports multiple blockchain ecosystems, including Ethereum, Polygon, and Arbitrum. Additionally, developers have the option to incorporate an X-bot feature into their agents.

On the security front, Murr assured users that Based Agent employs Multi-Party Computation (MPC) wallet technology. This securely divides the private key between Coinbase and the developer to enhance wallet security.

Coinbase’s move is unsurprising, considering AI agents have gained significant traction in the crypto space thanks to the advent of Terminal of Truths, the crypto millionaire AI agent. This trend has given rise to a wave of new AI agents that are transforming on-chain activities.

Read more: How To Invest in Artificial Intelligence (AI) Cryptocurrencies?

Coinbase Ventures recently published a blog post outlining its vision for AI and crypto synergy. According to Coinbase, blockchain can bolster AI development by enhancing accessibility and transparency in the emerging tech landscape. This collaboration could lead to an “Agentic Web,” where blockchain-enabled AI agents drive economic growth and activity within the digital economy.

“The convergence of crypto’s efficiency, borderless nature, and programmability with AI has the potential to transform how humans and machines interact with the digital economy, including by enabling users to have sovereignty over their personal data,” Coinbase Ventures stated.