Skyfires new blockchain payment network lets AI spend your money
AI can make money, spend its own money, and now spend your money - hurrah! what can go wrong!?
Key takeaways
- Blockchain development firm Skyfire has announced that it’s launched a payment platform that allows Artificial Intelligence (AI) agents to spend money - autonomously.
- Helmed by former Ripple VP of products and services Amir Sarhangi, the company’s platform makes it possible for a business to give a pre-loaded wallet to an AI agent.
- The company’s protocol converts the cash into USD Coin (USDC).
Cite or link to this article
Griffin, M. (2024) 'Skyfires new blockchain payment network lets AI spend your money', 311 Institute, 10 September. Available at: https://www.311institute.com/skyfires-new-blockchain-payment-network-lets-ai-spend-your-money/ (Accessed: 1 October 2026).
Blockchain development firm Skyfire has announced that it’s launched a payment platform that allows Artificial Intelligence (AI) agents to spend money - autonomously. And if that freaks you out a little then you’re probably not alone.
Helmed by former Ripple VP of products and services Amir Sarhangi, the company’s platform makes it possible for a business to give a pre-loaded wallet to an AI agent. The company’s protocol converts the cash into USD Coin (USDC). When the agent’s task involves payment, the platform handles the conversions, thus enabling autonomous payment agents.
The Future of Money and Finance, by keynote Matthew Griffin
An AI agent is, for lack of a better term, a “bot” designed to carry out a certain task. Examples include AI agents that monitor inventories across multiple sites in order to autonomously generate orders, or bots that monitors sale prices across multiple online marketplaces.
However, without the ability to conduct payments, these “agents” are relegated to intermediary status. Despite their basic autonomy, they lack end-to-end functionality.
As Skyfire co-founder and chief product officer Craig DeWitt said in a recent interview:
“AI agents can’t do anything if they can’t make payments; it’s just a glorified search. “Either we figure out a way where agents are actually able to do things, or they don’t do anything, and therefore, they’re not agents.”
Because the system relies on a platform that uses stablecoins as a medium, it’s able to directly interface a given user’s AI agent with services it can access. The user is responsible for building the agent and also controls the amount of funds in its wallet.
As Cointelegraph recently reported, luminaries throughout the cryptocurrency and fintech industry, including Coinbase CEO Brian Armstrong, have recently begun advocating for the integration of AI agents with cryptocurrency wallets.
In Armstrong’s view, giving AI agents cryptocurrency wallets would allow them to “work on your behalf,” and possibly generate income autonomously. Whether that would be through trading or providing some other service would ultimately be up to developers and users.
Skyfire’s product is currently aimed at supporting B2B transactions between AI agents, but the company is exploring further services and use-cases.
FAQ
Why does this matter?
AI can make money, spend its own money, and now spend your money - hurrah! what can go wrong!?
About the author
Matthew Griffin Founder, 311 Institute
Matthew Griffin is a multi-award winning Futurist and expert in Disruption and Innovation, Geopolitics, Leadership, and Technology, who NASA have described as a "walking encyclopaedia of the future" and a "futurist Polymath."
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Matthew Griffin is a multi-award winning Futurist and expert in Disruption and Innovation, Geopolitics, Leadership, and Technology, who NASA have described as a "walking encyclopaedia of the future" and a "futurist Polymath." 15-time best selling author of the "Codex of the Future" series, Matthew is the Founder and Futurist in Chief of the 311 Institute, a global Futures and Deep Futures advisory firm working with royal households, world leaders, G7, G20, and G77 governments, NGOs, and multi-national mid and mega cap firms to help them explore, shape, and lead the next 50 years of business and society.
An award-winning YouTube creator with over a million followers, with an unrivalled global reach and impact, Matthew is a highly sought-after international keynote speaker, lecturer, and mentor who collaborates with global leaders through the United Nations Alliance of Civilizations (UNAOC) and United Nations General Assembly (UNGA) to shape pivotal initiatives such as the UN’s AI for Humanity program, the United Nations Conference of the Parties (UN COP), and the World Economic Forum in Davos.
As the former Global Head of Cloud, National Security, and Enterprise Sales for companies including Atos, Dell-EMC, and IBM, Matthew has a proven track record of building multi-billion dollar business units and turning failing divisions into market leaders. His ability to identify, analyse, and communicate the implications of hundreds of emerging technologies and trends is unparalleled, and his insights are trusted by many of the world’s most respected organisations, including ABB, Accenture, Adidas, AON, ARM, BCG, Centrica, Citi, Coca-Cola, Dentons, Deloitte, Dow Jones, EY, Google, KPMG, Lego, Legal & General, LinkedIn, Microsoft, PepsiCo, Qualcomm, RWE, Samsung, Siemens AG and Siemens Energy, T-Mobile, UBS, VISA, Walmart, Workday, Worldpay and many others.
Regularly featured in the global media including the AP, BBC, Bloomberg, CNBC, Discovery, Forbes, Khaleej Times, Telegraph, TIME, ViacomCBS, WIRED, and the WSJ, Matthews mission is to help organisations create a fair and sustainable future whose benefits are shared by everyone irrespective of their ability, background, or circumstances.
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Sources and further reading
- Skyfire lets ai agents spend your money techcrunch.com
Source: first published by the 311 Institute on 10 September 2024. Cite as: Griffin, M. (2024). Skyfires new blockchain payment network lets AI spend your money. 311 Institute. https://www.311institute.com/skyfires-new-blockchain-payment-network-lets-ai-spend-your-money/
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