NewsletterCoinbase Partners With $14 Billion Perplexity AI, COIN Stock Up 2%
Highlights
- Armstrong revealed that the first phase of the AI integration has gone live today.
- For the second phase, Coinbase's market data will be used in Perplexity's response to user queries.
- The COIN stock is up over 2% today.
Crypto exchange Coinbase has teamed up with AI giant Perplexity to provide added utility for its customers. Thanks to this partnership, traders on the platform will be able to access real-time data to make more informed decisions while trading. Meanwhile, the COIN stock is up following the announcement of this partnership.
Coinbase Taps Perplexity AI For Trading Utility On Exchange
In an X post, the exchange’s CEO, Brian Armstrong, announced that they have partnered with Perplexity AI to help traders get access to real-time, trusted crypto data and information for better decision making. He further revealed that the first stage is going live today and that there is more to come.
For Phase One, Perplexity AI will assimilate Coinbase’s market data, including COIN50, and utilize it to power market analysis. Users on the top crypto exchange can try it out by double-clicking on price moves to help make better informed trade decisions.
For Phase 2, which should happen soon, Armstrong revealed that the exchange’s market data will be used in Perplexity’s response to user queries. Traders on the exchange will be able to monitor market activity, screen for trade ideas, and analyze token-specific moves.
The Coinbase CEO further remarked that he expects crypto functionality to be a catalyst for AI to achieve another 10x unlock. He added that he is personally most excited to see crypto wallets fully integrated into LLMs one day.
Armstrong believes this will be a huge step towards a “permissionless. digital economy.” He again noted that access to real-time data through these increasingly intelligent LLMs will help many users make smart, informed decisions about crypto.
Amid this development, the COIN stock is up just over 2% in today’s trading session. TradingView data shows that the Coinbase stock price is currently trading at around $382. The stock is up 47% in the last month and 48% year-to-date (YTD).
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