Binance Labs Doubles Down On Decentralized AI, Invests In MyShell, Sahara AI

Binance Labs, the venture capital and incubation arm of Binance, has invested in the decentralized AI ecosystem MyShell as part of its Labs Incubation Season 6.

The investment was announced on 15 August 2024.

“Binance Labs recognizes the power of AI technology and has always wanted to support and back AI-powered consumer applications,” said Yi He, Co-Founder of Binance and Head of Binance Labs. “We look forward to seeing MyShell develop a solid creator economy based on AI and crypto.”

Just last week, Binance Labs invested in Sahara AI, a decentralized AI blockchain platform promoting open and equitable AI.

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MyShell Already Has Over Two Million Users  

Launched in April 2023, MyShell aims to provide a platform where users can build, share, and own AI applications, with a focus on “equitable creator ecosystem.”

MyShell said that it’s mission is to create a future where AI development and usage are open to everyone, not just large corporations.

Poised to play a significant role in the intersection of AI and crypto, the platform has already integrated hundreds of open-source models and attracted over 2 million users.

Ethan Sun, Co-Founder of MyShell said, “We’re excited to build an open ecosystem that revolutionizes traditional AI production, and we’re thrilled to have Binance Labs on board in realizing this vision.”

Meanwhile, Sahara AI leveraged funding from Binance Labs, among many other investors, to raise $43 million in its series A funding.

The Binance Labs Incubation Program is designed to support such early-stage Web3 projects. Since its inception in 2018, Binance Labs has backed over 250 projects across 25 countries.

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Coinbase Launches AI Accelerator Grant Program

Last week, Coinbase also introduced an innovative grant program focused on AI. The initiative will provide $3,000 each to five projects that explore the integration of AI with cryptocurrency wallets.

This $15,000 accelerator grant program aims to explore AI-driven economic applications.

CEO Brian Armstrong emphasized the potential of large language models (LLMs)—the technology behind AI systems like OpenAI’s ChatGPT and Anthropic’s Claude—to handle financial tasks when integrated with crypto wallets.

LLMs should have crypto wallets. Let's help AI agents get work done (on your behalf) and participate in the economy.

Reach out and let us know what you're building.

Side note: every checkout experience will need to support AI agents buying things soon. https://t.co/d9u1RQBBRJ

— Brian Armstrong (@brian_armstrong) August 16, 2024

The impact of AI managing wallet transactions could be profound, potentially transforming various economic activities.

Developers are encouraged to create functional “bots” that combine LLMs with Coinbase’s MPC wallets. This grant is part of Coinbase’s broader efforts to break down barriers between AI and finance.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.