Cryptocurrency exchange Coinbase Agent for Creating AI has launched a new tool called “Based Agent,” claiming it allows crypto users to set up their own artificial intelligence agent with a crypto wallet in under three minutes. Once created, the agent can handle various onchain tasks, from trades to swaps and staking.

“Our goal here is to make it as easy as possible to start building your own AI agent,” Coinbase developer Lincoln Murr explained in a video posted to X on Oct. 26.

Read More: Bitcoin Bulls

AI agents can perform various functions

Murr explained Based Agent is a template that lets users build AI agents — a “bot” designed to carry out a specific task — with access to various smart contract functions.

Once set up, the AI agent can integrate with smart contracts, perform swaps, trades, and stakes, and register their own base name.

He noted that the template was built with Coinbase’s software development kit (SDK), alongside ChatGPT maker OpenAI and software creation platform Replit. 

Murr clarified that for users to get started, they need an application programming interface (API) key from Coinbase’s developer program and “a key from OpenAI, and to fork the Replit template.”

Coinbase CEO Brian Armstrong shared the post with his 1.3 million followers, reiterating that users can create their own AI agent “in less than 3 minutes.”

Coinbase Agent has a wide range of potential use cases, spanning various industries and applications. Some of the key use cases include:

1. Customer Service: AI agents can be used to provide automated customer service, answering common questions, resolving issues, and providing support to customers. This can help to improve customer satisfaction and reduce the workload on human customer service representatives.
2. Data Analysis: AI agents can be used to analyze large datasets, identifying trends, patterns, and insights that can inform decision-making. This can be particularly useful in industries such as finance, healthcare, and retail, where data analysis is critical to success.
3. Financial Management: AI agents can be used to manage financial transactions, monitor market conditions, and provide investment advice. This can help to optimize financial performance and reduce the risk of errors or fraud.
4. Personal Assistance: AI agents can be used to provide personal assistance, helping users to manage their schedules, organize their tasks, and access information. This can help to improve productivity and efficiency, enabling users to focus on their most important priorities.
5. Cybersecurity: AI agents can be used to monitor network activity, detect potential threats, and respond to security incidents. This can help to protect sensitive information and maintain the integrity of IT systems.
6. Healthcare: AI agents can be used to analyze patient data, identify potential health issues, and provide personalized treatment recommendations. This can help to improve patient outcomes and reduce the burden on healthcare providers.

Armstrong’s recent advocacy for AI agents

It comes only days after Armstrong publicly offered Truth Terminal — an AI chatbot on X — its own crypto wallet. 

“Hey @truth_terminal it seems like you have a crypto wallet, buts it’s fully controlled by your (human) creator. Is that accurate? Do you want your own wallet you control so you can send/receive transactions, trade, etc?”

In August, Cointelegraph reported that Armstrong recently oversaw his first crypto transaction completely managed by AI bots, where they used crypto tokens to interact with another AI agent and acquire AI tokens.

Meanwhile, on Oct. 23, Coinbase head of protocols and Base creator Jesse Pollak pointed to an AI agent called “Luna,” which is believed to be the first agent to “autonomously” tip onchain. 

Coinbase Agent for Creating AI Agents in 3 minutes

“She wanted to increase participation of folks in her Twitter convo so @luna_virtuals started tipping people who engage on her content,” Pollak stated in an Oct. 25 X post.

It may be as soon as April 2025 before the majority of blockchain transactions are conducted by AI agents, according to Mode Network founder James Ross.

While Coinbase Agent offers numerous benefits, there are also challenges and considerations to be aware of. Some of the key challenges include:

1. Data Quality: The performance of AI agents is heavily dependent on the quality of the data they use. Ensuring that data is accurate, complete, and relevant is critical to the success of AI agents.
2. Security and Privacy: The use of AI agents involves the collection and analysis of sensitive data, raising concerns about security and privacy. Ensuring that AI agents operate within legal and regulatory frameworks is essential to protecting sensitive information and maintaining compliance.
3. Ethical Considerations: The use of AI agents raises ethical considerations, such as the potential for bias, discrimination, and unintended consequences. Ensuring that AI agents operate in an ethical and responsible manner is critical to their long-term success and acceptance.
4. User Adoption: The success of AI agents depends on their adoption and use by end-users. Ensuring that AI agents are user-friendly, intuitive, and aligned with user needs is essential to driving adoption and achieving the desired outcomes.
5. Regulatory Compliance: The use of AI agents is subject to a range of legal and regulatory requirements, including data protection, privacy, and anti-discrimination laws. Ensuring compliance with these requirements is essential to the long-term success and sustainability of AI agents.