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Coinbase CEO Teases The Exchange’s Latest AI Integration Moves

Coinbase and AI use

Brian Armstrong, the CEO of American cryptocurrency exchange Coinbase Global Inc. has announced that the firm’s design team has been exploring the usage of Artificial Intelligence (AI) for their activities.

Coinbase AI Exploration In Design

The crypto boss gave two examples of how Coinbase is currently testing the use of a particular AI design generator. 

“Write a text prompt and get a figma mockup as a starting point for your design” and “Click a button and turn any figma design into front-end code,” Armstrong said on X. From testing, the Coinbase CEO confirmed that the AI tool ends up generating front-end codes that adhere to the firm’s design system. These codes are also trained to enhance Coinbase user experience interfaces. 

This news from Coinbase suggests that the crypto exchange is getting more at ease with AI technology as it had previously warned against the technology. The crypto exchange stated that the mega rally in several AI crypto projects is more of a hype instead of the actual utility. However, it looks like Coinbase has joined other digital asset service providers that are leveraging AI tools or looking to delve into the industry. 

We've been ramping up usage of AI tools on our design team at @coinbase

Two examples:
1. Write a text prompt and get a figma mockup as a starting point for your design
2. Click a button and turn any figma design into front-end code

The front-end code it generates adheres to our… pic.twitter.com/yYnOdtlvRF

— Brian Armstrong (@brian_armstrong) April 15, 2024

A good number of these blockchain entities are interested in integrating AI and blockchain to provide more sophisticated and secure services to their users. 

Blockchain infrastructure service provider Ankr unleashed Neura, a new AI product that is capable of tackling the foundational challenges of AI startups. The new platform’s function requires integrating decentralized GPU resources, crypto-based crowdfunding, and on-chain AI operations. Ripple’s ally Flare Network also hinted at its interest in a new approach to AI that involves the safe and security combination of AI and blockchain.

Flare is working on releasing an AI model called Consensus Learning (CL) designed to facilitate collaborative AI across different applications

Top Asset Managers Interested in AI

Other companies are equally showing interest in implementing AI in their operations to remove the drudgery involved in achieving tangible results. 

Cathie Wood’s Ark Invest recently revealed its investment exposure to OpenAI. Specifically, the investment asset management firm claims to have invested almost 4% of its Asset Under Management (AUM) in the AI behemoth. 

JPMorgan Chase’s CEO Jamie Dimon is also bullish on AI technology which he likened to steam engines as it “augment virtually every job.” Dimon believes that AI technology is crucial to the running of the financial sector with huge economic potential, not just for Wall Street businesses but in all aspects of the larger society.

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