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Crypto exchange platform Coinbase acquires AI startup Agara

Crypto exchange platform Coinbase acquires AI startup Agara

This is Coinbase’s first start-up acquisition in India.

Coinbase will utilise this technology to augment its existing product, engineering and data teams Coinbase will utilise this technology to augment its existing product, engineering and data teams

Cryptocurrency exchange platform Coinbase has acquired AI-powered support platform Agara, which has its operations in India and the US at an undisclosed amount. This is Coinbase’s first start-up acquisition in India.  This acquisition is aimed at reinforcing Coinbase’s “commitment to delivering world-class support for customers” and providing Agara’s expertise in machine learning (ML) and natural language processing (NLP) to the company’s engineering team.

Coinbase will utilise this technology to augment its existing product, engineering and data teams. This acquisition is in line with the company’s strategy to build a tech hub in India by way of enhancing customer experience on its platform.

“We plan to leverage Agara’s powerful Deep Learning and Conversational AI technology to automate and enhance our customer experience (CX) tools. Improving our CX remains a top priority for Coinbase – in the past few months we have increased our support staff headcount by 5x and announced that we’ll deliver 24/7 phone support and live messaging by the end of the year. Through this acquisition, we’ll be able to provide our customers with new personalised, intelligent and real-time support options,” said EVP Engineering at Coinbase Manish Gupta.

For the unitiated, Coinbase had announced its plans to build a tech hub in India earlier this year and appointed former Google Pay executive Pankaj Gupta as VP Engineering and Site Lead for India.

“We have ambitious plans for this hubs in the near future – we want to hire hundreds of world class engineers in the near term. This team of engineers will be complemented by equally high quality product and design teams, as well as support functions such as recruiting and HR to build out a sustainable, well-rounded tech hub. One of our cherished cultural tenets is top talent in every seat – so even though we wish to hire in large numbers, we are proud to say that each of these new hires is and will be among the topmost talent available anywhere in the world,” Gupta said.

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