Circle co-founder and Catena Labs CEO Sean Neville has launched a project aimed at developing a financial institution that is native use of artificial intelligence.
On May 20, the Catena Labs, the company builds an “AI-Financial Financial Institution,” announced It has been securing $ 18 million in a funding of funding chaired by Andreessen Horowitz (A16Z) Crypto, A16Z’s Crypto and Web3 Venture Capital Arm.
Led by Neville, the company aims to realize its vision of a fully regulated financial institution for the AI economy. The company said it would be built for AI agents and human cooperation and operated by AI workers with human administration and AI risk management techniques and AI compliance.
Cointelegraph contacted the Catena Labs to obtain additional information about the project but no response was received before published.
Traditional financial systems are “resistant” to AI
In the announcement, the Catena Labs argued that conventional financial systems were resistant to AI technology. The company said these systems are not prepared for AI and prevent the agent’s economic growth.
Neville Says In a news release that AI agents are about to conduct most of the economic transactions, but it is noted that financial systems are not prepared.
The company said AI agents are becoming “powerful economic participants,” and that the world’s financial infrastructure cannot be maintained. Catana described the infrastructure as “slow, expensive, full of global friction, unattended and inappropriate for the new opportunities and risks of AI.”
The company said they were prompted to create an AI-native financial institution to meet the challenges of traditional financial systems.
“That is why we are building an AI-King financial institution that will provide AI agents, and the businesses and consumers they serve, the ability to interact safely and efficiently,” Neville said.
In addition to the announcement, the team also shared an agent commerce kit (ACK), an open source of patterns, elements and emerging protocols for proven agent identity. The company said they were using an ACK as an early building block.
Related: Coinbase data can put users in physical risk: TechCrunch Founder
AI agents to use “Ai-Native” currency like stablecoins
In the announcement, the Catena Labs said AI agents could use traditional systems and financial metals. However, the company said agents get superpowers when paired with stablecoins, which the company described as “AI-native money.”
The company noted that regulated stablecoins such as USDC (USDC) Enable close to instant, inexpensive, global transactions, which are essential for AI agents.
“With AI-King money, agents can unlock new business models and greater prosperity for people and businesses,” wrote Catena Labs.
https://www.youtube.com/watch?v=JEG7VSPG2Gy
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