The Reference · Market segment
AI × Digital Assets.
The definition
The AI segment of digital asset markets spans three layers: decentralized compute and data networks that supply AI's inputs, agent systems that transact autonomously, and the settlement rails machine-to-machine commerce will require. It is where the firm's two frontier competencies meet.
The institutional read
The institutional read: autonomous organizations — agent networks that complete work end-to-end and settle with each other — need exactly what token rails provide: programmable payment, native incentives, and auditable state. Token economics becomes machine economics; the discipline transfers directly.
The firm's research on Agent-as-a-Service sets out where margin lands (orchestration, not model access); its portfolio includes decentralized AI laboratory work; and the Center of Excellence's first vertical is applied AI.
GDA in this segment
Portfolio position: Alpaca Network, a decentralized laboratory advancing AGI models and distributed compute.
How the firm engages