In a press release shared with Coin Rivet, the SingularityNET Foundation claims the move represents a “significant step forward for SingularityNET and its community”.
The document adds that by making the marketplace accessible to PayPal’s 286 million users, SingularityNET opens its doors to a much wider scope of customers.
Before the integration, SingularityNET’s marketplace required customers to pay for AI services offered by AI agents in the network directly using the AGI utility token.
Now, the marketplace is open for customers who have no experience with cryptocurrency.
Cassio Pennachin, SingularityNET’s chief AI officer, said: “The integration of PayPal into the SingularityNET marketplace is a big and important step toward getting wider adoption for the network’s AI services.
“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 from the SingularityNET platform using funds in their PayPal accounts.
On the back end, the funds from the user’s PayPal account are automatically converted into the AGI utility tokens required by AI agents providing services on SingularityNET.
SingularityNET CEO Dr Ben Goertzel adds: “It’s important for this AGI-powered network to interoperate richly with the rest of the world economy. Otherwise, it won’t get the adoption it needs to grow and realise its potential for intelligence.”
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.