Circle co-founder and Catena Labs CEO Sean Neville has launched a project aimed at developing a financial institution that naturally exploits artificial intelligence.
On May 20, Catena Labs, the company, building an “AI-Born Financial Institution” announced that it secured $ 18 million in a financing round led 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 will be built for AI agents and human partners and will be operated by AI workers with human supervision and AI-specific risk management and compliance methods.
Cointelegraph contacted Catena Labs to get more information about the project, but received no answer before publication.
Traditional financial systems are “resilient” to AI
In the announcement, Catena Labs claimed that conventional financial systems resist AI technology. The company said these systems are unprepared for AI and hinder the growth of the agent economy.
Neville said in a news message that AI agents will soon implement most financial transactions, but noted that financial systems are unprepared.
The company said AI agents become “powerful economic participants” and the world’s financial infrastructure cannot keep up. Catana described the infrastructure as “slow, animals, full of global friction, inflexible and poorly suitable for the new opportunities and risks of AI.”
The company said this caused them to create an AI-born financial institution to tackle the challenges of traditional financial systems.
“That’s why we build an AI-born financial institution that will provide AI agents and the companies and consumers they serve, the ability to act safely and efficiently,” Neville said.
In addition to the message, the team also shared an Agent Commerce Kit (ACK), an open source set of patterns, components and new protocols for verifiable agent identity. The company said they use an ACK as an early building block.
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AIA agents to use “AI-UNDER” MONEY like stableecoins
In the message, Catena Labs said AI agents can use traditional systems and financial rails. However, the company said the agents get superpowers when they are paired with stableecoins, as the company described as “AI-native money.”
The company mentioned that regulated stableecoins such as USDC (USDC) activate almost instant, low costs, global transactions that are important to AI agents.
“With the help of AI-native 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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