Boom! Circle Cofounder Sean Neville's Catena Labs Snags $18M to Build AI-Powered Bank

Big Bucks from Big Names Fuel the AI-Finance Revolution

Hold onto your hats, crypto fans! Sean Neville, the mastermind behind Circle, just dropped a bombshell: his new gig, Catena Labs, raked in a cool $18 million to create an AI-native bank that's gonna shake up the financial world!

On May 20, Neville unleashed the news that Catena Labs scored big in a seed round led by none other than Andreessen Horowitz's crypto crew. But wait, there's more! Breyer Capital, Circle Ventures, Coinbase Ventures, and even NFL legend Tom Brady jumped on the bandwagon. This deal's got equity and token warrants—the keys to a future crypto that Catena's keeping under wraps for now.

Neville, the brains behind USDC Coin (USDC), the heavyweight champ of stablecoins, is still chilling on Circle's board but ditched his day-to-day gig back in 2020. Since then, he's been cooking up something special with Catena Labs, teaming up with Matt Venables, a former Circle engineering hotshot.

Catena Labs isn't just some random startup—it's the brainchild of a 2021 venture studio where Neville and Venables were tinkering with hot new tech like AI and decentralized identity. But when AI apps like ChatGPT exploded in 2023, they went all in on building the ultimate AI-driven finance infrastructure.

This ain't your grandpa's bank, folks! Catena Labs is all about an "AI-native bank" that's ready for a world where AI agents are calling the shots on your cash. Neville's squad is crafting software that meshes AI with financial systems, zeroing in on payment automation and digital identity protocols.

While Catena's keeping their full product plans close to the vest, they've already whipped up an open-source protocol for AI-powered payments and identity verification that's gonna blow your mind.

"You should be able to meet your financial advisor and your banker everywhere you want to be," Neville dropped on Fortune. Talk about convenience!

But don't think this is just another crypto play—Neville made it crystal clear that while they might use blockchain and stablecoins where it makes sense, they're not letting those define their game.

Catena Labs is still in the early stages, with a tight-knit crew of nine and no word yet on when we'll see their products or tokens hit the scene. Neville's playing it cool, not spilling the beans on their valuation.

And get this—the buzz around Catena Labs is hitting the fan just as rumors swirl that Circle, Neville's old stomping ground, might be snatched up by Coinbase, the co-creators of USDC. Circle's still got IPO plans in the works, but they're reportedly kicking the tires on a $5 billion sale. Talk about drama!