Coinbase Partners With Perplexity AI to Integrate Market Data

On Thursday, the CEO of Coinbase International (Nasdaq: COIN), Brian Armstrong, introduced a partnership with Perplexity, an AI-powered search engine that solutions customers’ questions with cited, real-time knowledge pulled from the net.

In accordance to Armstrong, the transfer will combine the crypto trade’s market knowledge into Perplexity’s giant language mannequin (LLM), additional connecting AI and crypto and serving to customers make extra knowledgeable selections about digital property. 

The partnership is being rolled out in two phases. Beginning Thursday, Perplexity will pull market knowledge from Coinbase, together with from its COIN50 index, to energy “market evaluation” in Perplexity’s new Comet browser. 

The following step, which is anticipated “quickly,” will see responses to person queries linked to Coinbase market knowledge, offering a direct connection between Perplexity’s interface and Coinbase. 

AI Bots may execute trades and handle portfolios

As LLMs proceed to reshape how customers seek for info on-line, Coinbase’s partnership with Perplexity goals to give customers a journey between their crypto questions and the Coinbase terminal. The partnership additionally units the stage for additional integration between AI chatbots and crypto exchanges.

In the interim, Perplexity will present market knowledge and costs sourced from Coinbase. Nonetheless, as the combination matures and LLMs evolve, Perplexity and different AI chatbots could fulfill crypto orders, rebalance portfolios, and handle staking and yield, remodeling a primary Q&A window right into a full-service buying and selling desk.

Whereas this diploma of integration between AI chatbots and crypto hasn’t come to fruition simply but, Coinbase is transferring quick in that path. Again in August 2024, Armstrong wrote that “LLMs should have crypto wallets.” A couple of weeks later, he oversaw the primary crypto transaction managed entirely by AI bots. 

Associated: Coinbase unlocks off-exchange settlement for institutions amid ‘high’ demand

Perplexity AI’s valuation grows as LLM race heats up

Perplexity was based in San Francisco in August 2022 by Aravind Srinivas, a former researcher at OpenAI, and shortly gained a big following from customers who appreciated the chatbot’s deal with pulling real-time info. Whereas Perplexity’s present person depend is unknown, in an interview in January 2024 with Bloomberg Technology, Srinivas mentioned the platform had “greater than 10 million customers.” 

In distinction, OpenAI’s ChatGPT has greater than 800 million energetic weekly customers, in accordance to trade data.

Since its founding, the corporate has raised greater than $900 million in funding, together with a Series B round backed by Nvidia, Databricks, and NEA. On the finish of 2024, Perplexity was valued at about $9 billion.

Information of the partnership with Coinbase comes only a day after Perplexity launched Comet, an internet browser with agentic AI instruments that goals to compete with Google. In January of this yr, Perplexity submitted a bid to merge with TikTok U.S. 

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