New AI Platform Surfing Focuses on Cryptocurrency

Ryan Lee has been engaged with artificial intelligence and cryptocurrencies for quite some time now. He started his journey into AI as a student at the University of California, Berkeley, nearly ten years ago and has since founded two startups in the crypto space. His experiences led him to realize that well-known AI systems, like ChatGPT and Perplexity, often misrepresent the realities of cryptocurrencies, which can result in substantial financial losses for traders. This recognition drove him to co-found Surf, a dedicated AI platform aimed at navigating the cryptocurrency arena.

On Wednesday, Surf announced that it had secured $15 million in funding from Pantera Capital, with additional participation from Coinbase Ventures and Digital Currency Group. While Lee, who serves as the CEO, did not disclose the company’s valuation during an interview, he expressed optimism about their project. “Surf was a concept we wanted to bring to life ourselves, and it seemed the market welcomed it,” he noted. “I think Surf represents a solid model for understanding cryptocurrencies. We aim for users to trust Surf rather than chase illusions from other platforms.”

The service initially launched in July as an invite-only option and became widely available in September. According to the company, over 300,000 individuals are using the platform, which generates more than a million search results. Lee mentioned that Surf can field various inquiries related to cryptography, covering everything from fundamental ideas to intricate technical details. Remarkably, 80% of the users are everyday people not employed in the crypto sector, while the remaining 20% are professionals from venture capital firms, exchanges, and other related businesses.

Surf claims to be generating millions in revenue, aiming to reach $10 million by the end of 2026. The platform relies on subscription fees, with users paying between $15 and $399 monthly depending on the service level they choose. There’s also a free-tier option that allows for limited daily questions. Currently, the startup employs just shy of 30 staff members.

Lee sees other popular AI platforms, including ChatGPT, Perplexity, and Grok, as competitors to Surf. The company asserts that Surf performs four times better than ChatGPT and Grok when it comes to cryptographic inquiries, based on a benchmark test co-authored with Princeton University. ChatGPT might operate a bit quicker, but in a comparative analysis that Lee presented, Surf yielded more cryptocurrency-centric responses and garnered more citations.