Crypto Companies Leverage AI Despite Ongoing Challenges
Recent statistics show that the artificial intelligence (AI) market size is expected to reach over $3 billion this year. Therefore, it shouldn’t come as a surprise that a number of crypto-focused companies have started to incorporate AI into their products.
Jacqueline Burns-Koven, head of cyber threat intelligence for Chainalysis – a blockchain analysis firm – told Cryptonews that Chainalysis has started thinking about ways to use AI to make compliance, risk, investigations and growth products better for customers. “Like any business, we stand to benefit by utilizing AI to improve how we work across the business; by making it faster and more efficient,” Burns-Koven said.
Crypto tax software provider ZenLedger also recently announced a partnership with april – an AI-powered financial company – to use AI to simplify the tax filing process for users. Pat Larsen, co-founder and CEO of ZenLedger, told Cryptonews that ZenLedger’s new product will leverage april’s technology to route taxpayers through a single flow, combining federal and state, and then deciding which question to ask next. “This is in contrast to traditional tax filing software that asks questions of the user in the order the forms are completed, and then parses out federal and state forms into separate sections, often duplicating the same questions in each,” Larsen said.
Daniel Marcous, CTO and co-founder of april, told Cryptonews that AI has been instrumental to april’s ability to build a tax product covering many common tax scenarios, including income from crypto and digital assets. According to Marcous, april uses a process called “tax-to-code” in which large language models (LLMs) have been trained to read tax documents and then turn those into software code
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