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Skyfire, an AI-powered encrypted payment network founded by former Ripple executives, completes $8.5 million in seed round financing, with Circle and

Skyfire, an AI-powered encrypted payment network founded by former Ripple executives, completes $8.5 million in seed round financing, with Circle and

CointimeCointime2024/08/21 11:45
By:Cointime

According to Decrypt's report on August 21st, Skyfire, founded by former Ripple executives, announced the completion of an $8.5 million seed round of financing, aiming to provide encrypted payment solutions for AI agents. Investors include USDC issuer Circle, Ripple, Gemini, and Tim Draper's venture capital firm, a well-known billionaire and bitcoin advocate in Silicon Valley. The company has developed an open-source payment system that allows autonomous AI agents to conduct various transactions on the Internet, including purchasing data storage, creative assets, air tickets, and daily necessities. Its payment network is based on the stablecoin USDC and is currently deployed on the Polygon network, with plans to expand to other blockchains in the future. Skyfire co-founder and CEO Amir Sarhangi said that traditional payment systems cannot meet the needs of AI, while cryptocurrencies and blockchains provide 24/7 microtransactions, low fees, and high efficiency solutions. The company has cooperated with multiple clients, including a parts manufacturer for an Indian automotive service center and an AI infrastructure provider, and is negotiating with multiple large language model (LLM) to adopt USDC-based AI agent payment solutions.

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