The co-founder and CEO of Circle co-founder and CEO of Catena Labs, Sean Neville, has launched a project to develop a financial institution that uses artificial intelligence native.
On May 20, Catena Labs, the corporate that built an “AI-native financial institution”, announced that it won $ 18 million in a financing round of Andessen Horowitz (A16Z) Crypto, A16Z 'Crypto and Web3 Venture Capital Art.
The company, led by Neville, strives to understand its vision of a completely regulated financial institution for the AI economy. The company said it was built for AI agents and human employees and operated by AI employees with human supervision and AI-specific risk management and compliance approaches.
CoinTelegraph contacted Catena Labs to get more information in regards to the project, but didn’t receive a solution before the publication.
Source: Catena Labs
Traditional financial systems are “resistant” against AI
In the announcement, Catena Labs argued that conventional financial systems resist AI technology. The company said that these systems will not be prepared for AI and hinder the expansion of the agent economy.
In a press release, Neville said that AI agents will soon perform most economic transactions, but are found that financial systems will not be prepared.
The company said that AI agents develop into “powerful economic participants”, and the financial infrastructure of the world cannot sustain. Catana described the infrastructure as “slow, expensive, filled with global friction, more inflexible and poorly suitable for the brand new possibilities and risks of AI”.
The company said that this prompted it to create a AI-native financial institution to be able to address the challenges of traditional financial systems.
“That is why we construct a AI-native financial institution, the AI agent in addition to the businesses and consumers to whom they serve, give the chance to make secure and efficient,” said Neville.
In addition to the announcement, the team also shared an Agent Commerce Kit (ACK), an open source set of patterns, components and emerging protocols for a verifiable agent identity. The company said it was using an AK as an early constructing block.
AI agents to make use of “AI Native” money like stable coins
In the announcement, Catena Labs said that AI agents can use traditional systems and financial rails. However, the corporate said that the agents together with StableCoins obtain superpowers that the corporate described as “ai-native money”.
The company mentioned that regulated stable coins comparable to USDC (USDC) enable almost fast, inexpensive and global transactions which are essential for AI agents.
“With AI-native money, agents can unlock recent business models and greater prosperity for people and corporations,” wrote Catena Labs.
