November 2, 2021

Coinbase to buy AI startup Agara

Coinbase to buy AI startup Agara

Bitcoin exchange Coinbase has announced the acquisition of Agara, a start-up that runs an artificial intelligence-based customer support platform and operates in the Indian and US markets.

We plan to use Agara's deep learning and virtual interlocutor technology to automate and improve our customer interaction tools, said Coinbase vice president Manish Gupta.

The company expects the new functionality to help provide users with "personalised, intelligent, real-time support options".

According to Coinbase, improving customer interaction is a priority for the exchange. Over the past few months, it has increased its support staff by a factor of five. By the end of the year, the company plans to provide 24/7 phone and messaging assistance.

The Agara team will join Coinbase's previously opened technology hub in India.

The parties did not disclose financial details of the deal. According to TechCrunch, the purchase is worth between $40 million and $50 million and is expected to be completed by the end of the year.

Recall that in September Coinbase announced the issue of bonds worth $1.5 billion. The company planned to use the funds raised to acquire startups, products and technologies.

Subsequently, the exchange increased the volume of debt securities to $2 billion, citing high demand.

Jack Evans

About the author

I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments. 

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