The Ethereum layer-2 solution CryptoGPT, which is dedicated to the development of artificial intelligence, has successfully raised $10 million in fundraising at a valuation of $250 million.
According to a Twitter thread published by the startup on Monday, the Series A round of funding was spearheaded by DWF Labs, a prominent digital asset market developer, and multi-stage web3 investment organization.
According to the announcement made by the company, “New funding at a $250M valuation from DWF Labs positions GPT both financially and strategically with the most established layer-2 developments in web3.”
CryptoGPT is a layer 2 built on Ethereum that achieves scaling through the utilization of zkRollup technology. This is an off-chain technique that relies on one party proving to another party that something is true.
The startup intends to turn customers’ fitness, dating, gaming, and educational data into cash through a process called “monetization.”
To be more explicit, users have the choice to grant CryptoGPT permission to collect part of their data when they use the app. This data may include their preferences as well as their activity.
After that, the information is put up for sale on a bigger market, where businesses can go to buy data to use in the training of their artificial intelligence models. Users also have the opportunity to make money in exchange for providing their data.
A data-to-AI engine that gathers, encrypts, and transfers data for commercial applications was only just released by the company. Additionally, the company is in the process of constructing its ZK rollup layer 2 blockchain as well as its own Web3-focused AI assistant called “Alex.”
During this time, the value of CryptoGPT’s native token, GPT, increased by more than 10% on Monday as a direct result of the news before recovering some of its gains.
At this time, one token can be purchased for approximately $0.07, which is essentially the same price as it was a day ago. In addition, its market capitalization is somewhat higher than $20 million, and its 24-hour trading volume is close to $6 million as of the time this article was written.
There are presently listings for the GPT cryptocurrency on a number of significant exchanges, some of which are Bitfinex, BingX, Bybit, and Bitget. On Monday, the business made the announcement that its token would also be listed on Bithumb, which is Korea’s most significant fiat exchange.
CryptoGPT Eyes Asia Push Amid Improving Regulatory Environment
It was mentioned by CryptoGPT that the company would “push deeper into Asia at the most strategic time” with the backing of DWF Labs, which is the largest market maker in Asia.
The project mentioned that its expansion into Asia comes at a time when Hong Kong is taking a more crypto-friendly stance in an effort to reclaim its status as a global crypto hub. This was done in an effort to reclaim Hong Kong’s position as the global cryptocurrency hub.
In spite of the recent volatility in the market, Hong Kong’s top financial officer declared in a blog post not too long ago that now is the “right time” for the city to push forward with Web3 initiatives.
He asserted that the cryptocurrency business is seeing the same transformation as the internet did in the early 2000s. He linked the collapse of the cryptocurrency market in 2022 to the bursting of the dot-com bubble in 2000, arguing that market participants who survived the crash focused on technological innovation, application development, and value generation.
“In the next stage, market participants will need to develop blockchain technology in a more in-depth manner. This is necessary so that the characteristics and advantages of blockchain technology, such as transparency, efficiency, security, disintermediation, de-platformization, and low cost, can find wider application scenarios and solve a greater number of problems that are already present.”
© 2015-2023 Coinposters. All rights reserved!