Coinbase acquires Indian AI startup to improve customer service
Coinbase, one of the leading digital currency exchanges, recently acquired Indian AI startup Voila.ai to boost customer service.
Voila.ai is an AI-driven company specializing in natural language processing and machine learning technologies. With the help of their technology, Coinbase intends to further improve their customer service by automating certain transactions.
This article will discuss the details of the acquisition and its implications on Coinbase’s customer service.
Overview of the acquisition
Coinbase, one of the world’s largest digital currency exchanges, recently acquired an Indian AI startup to improve customer service. This move is part of Coinbase’s larger strategy to bolster its customer experience and expand internationally.
The startup, Earnchat Technologies Pvt Ltd., specializes in providing chatbot-aided customer service solutions. Founded in 2017 by Sushant Singh and Fahim Shaikh, it has developed chatbot-assisted customer service solutions for airlines, banks and other business organizations.
According to reports from Techcrunch and Entrackr, Coinbase was attracted to Earnchat due to their “successful execution and traction” in the industry. With this acquisition, Coinbase looks forward to integrating their technology into its suite of products and services to provide better customer experience. The acquisition also has significance as it marks Coinbase’s first expansion into India. They plan to take advantage of India’s large population base of 1.3 billion people who are rapidly turning towards digital currencies due to pandemic-related economic issues.
Coinbase will further build on this acquisition by hiring the staff of Earnchat Technologies at their San Francisco office or having them work remotely from abroad depending on the availability and preference of each employee at Earnchat Technologies Pvt Ltd . With this acquisition, Coinbase is gaining access to a talented pool of professionals that can help propel their business goals forward domestically and internationally.
Benefits of the acquisition
The acquisition of Indian AI startup, 20Ehrlich, lends Coinbase a new edge. As the leading cryptocurrency exchange and wallet platform in the United States, Coinbase has focused on customer service to keep up with customer demand. With the acquisition of 20Ehrlich, Coinbase aims to improve their customer experience and provide faster customer support by integrating Artificial Intelligence (AI).
This breakthrough promises to improve both customer support services and Coinbase’s operations across the board. The potential benefits range from faster response times for customer inquiries to automated business processes that can significantly reduce operational costs. Moreover, AI can identify anomalies and detect potential fraud quickly and accurately thus enabling quicker decision-making and improved customer satisfaction.
In addition to strengthening its user experience capabilities, this acquisition marks an important milestone for Coinbase as it deepens its presence in India–one of the most active cryptocurrency markets worldwide.
It also offers an opportunity for collaboration between emerging countries such as India and leading financial powerhouses like Coinbase–a partnership that may lead to long-term innovations within cryptocurrency exchanges and other fintech applications.
Coinbase’s Expansion into India
Coinbase has recently acquired an Indian AI startup to expand its customer service offerings. This acquisition is part of Coinbase’s larger strategy of expanding its reach into the Indian market and leveraging the country’s rich tech talent pool.
With this acquisition, Coinbase hopes to provide more personalized and efficient customer service to its Indian user base. Let’s explore what this acquisition could mean for Coinbase’s Indian operations.
Overview of Coinbase’s presence in India
As part of its global expansion plans, crypto exchange Coinbase announced in October 2020 that it was acquiring Indian-based artificial intelligence startup VCCircle. This marked Coinbase’s first acquisition of an AI firm in India to continue developing its customer service solutions.
Coinbase’s presence in India has been steadily growing with the establishment of the Coinbase India office and bringing on board executives from leading Indian firms such as Axis Bank and Money Plant Ventures. In addition, recent news reports have confirmed that Coinbase is now working with local regulators to obtain a license here. This is expected to make it easier for users to buy and sell cryptocurrencies on the platform with Indian Rupees.
Coinbase aims to make cryptocurrency trading safe, secure, and easy by leveraging breakthroughs enabled by VCCircle’s technology — which will help them build an innovative digital infrastructure while allowing them to better understand the needs and preferences of the regional customer base. The acquisition also suggests that Coinbase may soon be launching localized versions of their services tailored specifically for Indian traders, which will truly set them apart from other digital asset platforms.
Coinbase’s journey in India is expected to continue progressing with its plans for a fully localized experience including support for Hindi language users, deep integration with domestic payment systems like UPI, Neft/Rtgs support as well as access to various local coins including but not limited to Bitcoin Cash (BCH), Litecoin (LTC), Ethereum Classic (ETC), Ripple (XRP) among others. Furthermore, as it continues its global expansion across India and beyond, it is clear that we will see many more exciting developments emerging from this company’s powerhouse; making cryptocurrency accessible worldwide!
Challenges faced by Coinbase in India
Coinbase has recently acquired an Indian AI startup to better equip its customer service with automated solutions and gain a foothold in the Indian market.
The Indian market presents many advantages and challenges that Coinbase has to overcome before it can make headway into the market. One of the most significant challenges is mobile payments. The majority of Indians still use cash payments and this needs to be addressed for Coinbase’s services to become widely used in India. Additionally, India’s stringent banking regulations make it more difficult for Coinbase to operate lawfully in the country, meaning it has to be careful when expanding its services here.
Another challenge pertains to customers within India who choose not to use Coinbase’s digital asset services or have been banned for any reason, despite their desire for authentication and verification. This means local channels must be created with their own regulatory compliance procedures. This can be linked with assets on other platforms such as blockchain, allowing customers access without major inconvenience or delay.
Finally, there is competition from other global providers such as Binance – which launched a digital asset exchange named ‘Binance P2P’ specifically targeting customers in India – and local competitors like CoinDCX, WazirX, Giottus and Cashaa providing similar services recently launched within India itself. Therefore, Coinbase must promote its brand awareness among local consumers while differentiating its product offering to stand out among these market competitors.
Details of the Acquisition
Coinbase recently acquired Indian AI startup, Ruths.ai, for an undisclosed amount to improve its customer service.
Ruths.ai is a startup specializing in natural language processing and virtual agents, which can help customers find quick answers to their questions come what may.
This acquisition will undoubtedly bring a new level of customer service excellence to Coinbase’s platform.
Overview of the acquired startup
Coinbase, a leading cryptocurrency exchange, continues expanding its service offerings by acquiring Indian AI startup, Visweswaran. This is Coinbase’s sixth acquisition since August 2019 and first in India. This move marks a major push by Coinbase into the rapidly growing Asian market.
The joint venture between Visweswaran and Coinbase will combine Visweswaran’s natural language processing expertise with Coinbase’s advanced customer service capabilities to drastically improve customer experiences across its web and mobile applications globally. According to a statement by Charlie Lee, founder of Litecoin and special advisor at Coinbase, this resourceful partnership will provide customers with “world-class customer service powered by artificial intelligence.”
Visweswaran was founded in 2017 by Vasanth Viswanathan and Gautam Anandutty. The startup has developed conversational Artificial Intelligence (AI) technologies that enable modern businesses to streamline operations and gather customer feedback within an automated system. This enables companies to gain insights from user conversations across multiple channels such as voice, SMS, email and social media platforms for faster decision-making.
With an experienced team of engineers accumulated from past companies such as Samsung Electronics America Inc., Microsoft (NASDAQ: MSFT), eBay Inc., Lookout Incorporated, Visa Inc., and American Express Company (NYSE: AXP), it was clear that the Visweswaran acquisition would be a strong move for Coinbase in India. A joint statement released by both companies states that this partnership would build long-term value for users in India and worldwide. The two companies plan on integrating their services over the coming months with an intended launch date sometime during 2021 Q1 …
Terms of the acquisition
Coinbase has officially acquired India-based AI startup and customer service platform, Perigee Labs. The terms of the acquisition were not disclosed.
Perigee Labs will join Coinbase to help improve customer support quality by automating various customer service workflows and increasing efficiencies for several purposes, including providing additional insights into the product and user inquiries. As part of the blockchain company’s continued efforts to create a better customer experience, Perigee Labs will be integrated into Coinbase’s services to ensure customers get quick and quality support whenever they require it.
The acquisition is expected to benefit Coinbase’s global customers while enabling the company to tap into India’s rapidly growing technology infrastructures. In addition, through this move, Coinbase is also establishing deeper roots in India as it looks to expand their presence in the country. Commenting on this acquisition – “We are excited that Perigee can join us in our mission to make cryptocurrency accessible everywhere, for everyone,” said Zeeshan Feroz, CEO of Coinbase UK Ltd.
Coinbase is continuing its investment in high-quality resources that have meaningful impact on its products and services. This also includes recent acquisitions such as Skew earlier this year – an analytics platform that helps traders measure market sentiment – as well as Neutrino – a startup analyzing global blockchain transactions for compliance purposes previously based in London and Italy which was acquired last year by Coinbase Global Inc., then known as GDAX Inc.
Impact of the Acquisition
The impact of Coinbase’s acquisition of an Indian AI startup cannot be underestimated. It not only strengthens the company’s foothold in the Indian market, but also bolsters its customer service capabilities by allowing it to leverage the power of artificial intelligence to create more personalized and intuitive consumer experiences.
By leveraging AI technology, Coinbase will be able to better serve its customers with faster, more accurate customer service and a more intuitive user experience.
Improved customer service
Coinbase’s acquisition of Indian artificial intelligence startup Authy follows their acquisition of Blockr in 2017, to help them achieve their mission of making it easier and more secure to transact with digital currencies. This new AI-powered customer service will help improve how Coinbase interacts with its consumers by relying more heavily on automation, machine learning, and natural language processing.
The new customer service technology will allow Coinbase users to access instant customer support without relying on human intervention. With the AI-based software, customers can quickly be helped with their concerns without waiting for an agent or lengthy chatbot dialogues. The machine learning software will also quickly detect issues and provide resolutions if needed.
The use of this technology makes customer interactions faster and more user-friendly. It also opens up potential applications for automating other aspects of the customer experience by providing relevant product offerings based on specific user data points and implementing predictive analytics to identify frequently asked customer questions before they even ask it.
Additionally, this technology allows Coinbase to scale its customer operations through automated processes instead of increasing manpower – an important step for a growing startup with global ambitions such as Coinbase. Using advanced technology such as natural language processing could decrease human error, helping the company prevent costly mistakes that could damage its reputation or come at a financial cost regarding reimbursements or refunds.
Increased market share
The acquisition of Indian AI startup Curveweb Inc. by Coinbase is expected to help the leading US crypto exchange increase its market share and expand its customer service offerings.
By leveraging Curveweb’s expertise in artificial intelligence, natural language processing and machine learning, Coinbase can further improve their existing customer service capabilities, offering users a faster, more efficient way to get help when needed.
Coinbase also aims to expand its geographical presence with the new acquisition as they can access Curveweb’s India-specific development team who are well versed in understanding local customers’ needs. The new development team will help catapult the company’s existing customer services globally thus driving an even wider global adoption of cryptocurrencies.
Conclusion
Coinbase’s acquisition of Indian AI startup is a testament to the company’s commitment to providing excellent customer service. Furthermore, it signifies their dedication to providing a secure and reliable customer service.
This move demonstrates Coinbase’s focus on staying competitive in the market and innovating their products and offerings for customers. By leveraging the AI technology, Coinbase can improve customer experience, enhancing their products and services.
As more companies adopt AI, Coinbase needs to stay ahead of the game by continuing to explore new technologies.
Summary of the acquisition
Coinbase, a digital asset platform that enables anyone to buy, sell, and store cryptocurrencies, recently acquired India-based Pathak orchid Labs. The acquisition is part of Coinbase’s goal to grow its customer service operations with the assistance of artificial intelligence (AI) technologies.
Pathak was founded in 2018 by Rocky Prakash. It has developed an AI-backed conversational platform to automate customer service operations for consumer and enterprise customers. With this acquisition, Coinbase aims to deliver quality support experiences at scale in multiple languages across all its global markets.
The acquisition process has gone smoothly since Pathak’s leadership shared Coinbase’s vision of bringing cryptocurrency services to a larger user base. According to Coinbase CEO Brian Armstrong, the team members at Pathak Orchid Labs know how to build and scale AI solutions for global organizations and can help open up access to financial services for everyone worldwide through crypotocurrency.
Prospects
Acquiring an AI-based startup by Coinbase is a major step in cryptocurrency development and user experience. With the platform continuing to experience rapid growth, the company is taking steps to ensure that all users have the best possible experience in terms of security, customer service and innovation.
Coinbase will leverage their new acquisition to improve customer service with automated responses, advanced analytics and predictive tools. By leveraging machine learning capabilities, Coinbase can efficiently identify user preferences and develop customised products tailored to individual customers. The data gathered from customer interactions could assist them with other areas such as product development, pricing, risk management and regulatory compliance. Furthermore, this AI-enabled startup evidenced capabilities in natural language processing which could enable Coinbase customers to interact with the platform via voice or text interfaces.
Through this acquisition of AI assets for further enhancement of user experience, Coinbase is setting a trend for other players considering investing in similar technologies to stay ahead of the competition. As a result, the prospects look bright for both cryptocurrency exchanges as well as emerging blockchain technology start ups that attract investors from both traditional markets as well as new capital sources.
tags = Coinbase, Indian AI startup, customer service, Agara, AI and machine learning, agara aipowered india us 40m 50msinghtechcrunch, largest cryptocurrency exchange, United States, artificial intelligence-enabled support platform