Circle co-founder to create ‘AI-native’ bank after $18M raise

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AI Bank: The Future or Just Another Tech Circus? 🤡💰

In a world where dreams are spun from the threads of silicon and code, Sean Neville, the co-founder of Circle and the grand maestro of Catena Labs, has decided to embark on a quest to create a financial institution that dances to the tune of artificial intelligence. Yes, you heard it right! An “AI-native” bank is on the horizon, and it just raised a whopping $18 million, thanks to the benevolent wizards at Andreessen Horowitz (a16z) Crypto. 🧙‍♂️✨

On the fateful day of May 20, Catena Labs, the ambitious architect of this “AI-native financial institution,” announced its grand funding achievement. With Neville at the helm, the company dreams of a regulated financial utopia where AI agents and their human companions can frolic freely, all while being overseen by AI workers who, let’s be honest, probably have better risk management skills than most humans. 🤖💼

CryptoMoon, in its relentless pursuit of truth, reached out to Catena Labs for more juicy details about this project. But alas! The silence was deafening, as if the AI had taken a vow of silence before its grand debut. 🤷‍♂️

Traditional financial systems are “resistant” to AI

In their announcement, Catena Labs boldly proclaimed that the old guard of financial systems is like a stubborn mule, resisting the sweet embrace of AI technology. These archaic systems, they argue, are woefully unprepared for the AI revolution, stifling the growth of the agent economy. 🐴💨

Neville, in a moment of clarity, stated that soon, AI agents will be the ones pulling the economic strings. But, oh dear, the financial systems are lagging behind like a tortoise in a race against a hare! 🐢💤

According to Catena, AI agents are becoming “powerful economic participants,” while the world’s financial infrastructure is stuck in the slow lane, full of friction and inflexibility. It’s like trying to run a marathon in flip-flops! 🩴🏃‍♂️

Thus, the birth of an AI-native financial institution was deemed necessary to tackle the challenges posed by these traditional systems. “We’re building an AI-native financial institution that will empower AI agents and the humans they serve to transact safely and efficiently,” Neville declared, probably while wearing a cape. 🦸‍♂️

Alongside this announcement, the team unveiled an Agent Commerce Kit (ACK), a treasure trove of open-source patterns and protocols for verifiable agent identity. Think of it as the starter pack for AI agents ready to take on the world! 🎒🤖

AI agents to use “AI-native” money like stablecoins

In their grand vision, Catena Labs revealed that AI agents can still use traditional financial systems. However, when paired with stablecoins—dubbed “AI-native money”—these agents gain superpowers! 💪💸

Regulated stablecoins like USDC are the magic keys that unlock near-instant, low-cost, global transactions, essential for our AI friends. “With AI-native money, agents can unleash new business models and greater prosperity for humans and businesses,” Catena Labs proclaimed, as if they were announcing the next big blockbuster. 🎬💰

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2025-05-20 16:45