By Vishnu Patankar, Kraken Chief Technology Officer
Crypto is particularly suited to AI adoption
Our industry is known for its volatility and dynamics 24/7/365. As anyone who has worked in crypto knows, the bull run quickly brings immense pressures to most core functions, such as account registrations, customer responses, and token listings.
In these situations, recruitment processes often fall far short of filling vacant positions. Partly because other crypto companies are trying to hire the same people at the same time, but also because new hires can take several months to meet notice periods and become fully familiar with their new roles and responsibilities.
Ultimately, the traditional recruiting model fails to fill positions for the most labor-intensive tasks when they are most needed, which can lead to high turnover rates and increased operational costs. In a startup space like crypto, maintaining all of these functions at scale, in-house, isn't always feasible and often prevents companies from growing and scaling where they need to.
Business leaders must make tradeoffs that could lead to later failures — or cause them to hire too much during the bull market, then make significant layoffs when the market decline returns.
AI offers a compelling solution to these scalability challenges. By automating repetitive tasks like answering FAQs, conducting document reviews, or assisting with initial recruiting efforts, AI minimizes human error and facilitates rapid scalability.
Kraken is at the forefront of AI adoption
We integrated AI into customer engagement operations late last year, resulting in a 30% increase in efficiency, with customer questions answered faster than ever, accompanied by scores High CSATs.
Without the lag of a traditional recruiting process, crypto companies can quickly deploy new AI assistants to handle a surge in customer demand, scaling capacity to easily meet market demand.
AI excels at compliance, handling initial KYC checks and monitoring platform activity. Its ability to continuously analyze large data sets allows it to detect suspicious activities and quickly alert the relevant teams. This helps crypto companies better combat illicit activities and make the crypto ecosystem safer for market participants.
Product design involves user experience research (UXR) surveys. UXR AI assistants can seamlessly conduct and summarize key interviews, sentiments, and themes, accelerating the product development lifecycle and quickly integrating solutions to customer needs into the product.
Innovation does not eliminate human jobs, it creates them
But what about humans? The integration of AI does not mean the end of human roles but it transforms them. Employees are already moving toward roles like AI model trainer. AI can mine databases to answer customer queries and recommend content, but it is human expertise in creating and maintaining these databases that ensures the information is accurate and relevant. In this way, AI and humans complement each other.
The advent of revolutionary technologies – electricity, automobiles, the Internet – has always been greeted with skepticism. AI is no different: some fear it will replace human labor because it displays human-like behavior. But the AI that most of us use today – like language processing models like GPTs – are more like advanced versions of a smartphone's suggestive text functions than a human brain.
For the foreseeable future, adopting AI is not about replacing human intelligence, but about augmenting it. AI enables crypto companies to develop efficient operations that quickly adapt to market changes, freeing up human resources for roles that support innovation. Which accelerates the development and adoption of new cryptographic applications. Which can create new jobs.
AI does not compete with humans, it amplifies efforts and increases productivity. AI makes crypto businesses more efficient and scalable, creating new career opportunities for humans.
These materials are intended for general information purposes only and do not constitute investment advice or a recommendation or solicitation to buy, sell, stake or hold any crypto-asset or to engage in any trading strategy. specific trading. Kraken does not and will not endeavor to increase or decrease the price of any particular cryptoasset it makes available. Some crypto products and markets are unregulated and you may not be protected by government compensation and/or regulatory protection programs. The unpredictable nature of crypto-asset markets can result in losses of funds. Tax may be payable on any returns and/or increases in the value of your cryptoassets and you should seek independent advice on your tax situation. Geographic restrictions may apply.