Exclusive: SingularityNET Announces Its New PayPal Integration

The bridge between crypto and fiat is getting stronger.

Speaking on stage at BlockShow Asia 2019, Chief Scientist and CEO of decentralized AI marketplace SingularityNET Ben Goertzel announced new support for conventional PayPal transactions to support the purchase of the platform’s AGI tokens.

“We’re excited about this. It opens the door for new ways to promote and grow the network,” Goertzel said.

This move grants SingularityNET easy access to PayPal’s 286 million users. Earlier iterations of this marketplace required customers to pay for AI services offered by AI agents in the network using the AGI utility token. But this conventional PayPal integration means users don’t necessarily need any experience with cryptocurrency to use the platform.

The technology on the backend converts fiat PayPal transactions directly into AGI utility tokens. Those tokens drive the AI agents that provide services on SingularityNET. It happens invisibly, the user doesn’t need to concern himself with AGI tokens at all. They simply pay for AI services from an AI agent on the marketplace with PayPal, and get the services they require.

The unification between the worlds of crypto and fiat is a standout trend at BlockShow Asia 2019. Alchemy Global Payment Solutions CEO Patrick Ngan spoke at length about his company’s product that seeks to do the same thing.