SingularityNET, a decentralized artificial intelligence technology provider, announced the successful integration of PayPal payments on its blockchain-based marketplace. Integration was first announced during the launch of the SingularityNET V2 beta in September.
Thus, SingularityNET makes the AI marketplace accessible to 286 million PayPal users, opening up opportunities to a wider range of customers. Earlier versions of SingularityNET required customers to pay for services using native AGI token. Thanks to the update, the trading platform has become more friendly for customers who do not have experience with cryptocurrency, said Cassio PENNACHIN, Chief AI Officer:
“The integration of PayPal into the SingularityNET marketplace is a big and important step toward getting wider adoption for the network’s AI services. Going forward you’re going to see more integrations like this — we want to give various classes of users a variety of ways to secure AI services with fiat currencies or with other cryptocurrencies, and even via more creative mechanisms like multi-party barter exchange.”
Users will be able to purchase AI services on the SingularityNET platform using the funds in their PayPal accounts. They are automatically converted to AGI utility tokens, which are necessary for AI agents providing network services. The event was commented by Dr. Ben GOERTZEL, CEO of SingularityNET:
“Our AGI token is used for internal economic exchange between AI agents in the SingularityNET, because it’s specially designed to encourage the AIs in the network to cooperate together in a beneficial ‘economy of minds’ that has its own emergent overall intelligence. But it’s also important for this AGI token powered network to interoperate richly with the rest of the world economy; otherwise, it won’t get the adoption it needs to grow and realize its potential for intelligence.”