CryptoGPT, an AI-powered blockchain, has raised $10M in a recent Series A funding round led by DWF Labs, putting the company at a $250 million valuation.
Quick Takes
- CryptoGPT is a zero-knowledge blockchain that raised $10 million in a Series A funding round led by DWF Labs, putting the company’s valuation at $250 million.
- The company aims to expand further into the Asian markets, capitalize on the AI surge, and monetize users’ personal data across a variety of use cases.
- CryptoGPT recently launched an AI assistant named ‘Alex’ and a native token, $GPT, which has a current market value of $12 million and plans to release NFTs in the future.
The Funding
A recent Series A funding round of $10 million put layer two blockchain, CryptoGPT to an overall value of $250 million. The innovative firm are aiming to cash in on the recent surge of Artificial Intelligence, powered mainly by OpenAI’s chatbot, ChatGPT.
DWF Labs led the eight-figure funding. They, a market maker, have proven to be top investors, even during the difficulties of the various bear markets.
DWF Labs has established its presence across various countries including Singapore, Switzerland, the British Virgin Islands, the United Arab Emirates, South Korea, and Hong Kong. As a subsidiary of Digital Wave Finance (DWF), a leading global crypto trading firm with over 40 top exchanges under its belt, DWF Labs specializes in trading spot and derivatives markets.
DWF Labs’ managing partner, Andrei Grachev, told CoinDesk: ““We believe that this bearish market – this turbulent market – is the best time to join the investment space, we accumulated enough funds from our profits to invest in projects now.”
With the new investments, CryptoGPT hope to expand their business further into the Asian markets – an area in which they feel has a lot of potential.
About CryptoGPT
CryptoGPT is a zero-knowledge blockchain. Put simply, it is a type of blockchain that allows participants to verify transactions without revealing any personal information. This is achieved by using advanced techniques to prove the validity of transactions while maintaining privacy.
Outwith their blockchain in-development, the company recently released an AI assistant, named ‘Alex’. Also, they launched a native token, $GPT, last month. Currently, the market value of said coin sits at $12 million, with a token valued at roughly $0.07 at the time of writing – according to CoinMarketCap. Further, a data-to-AI engine is in development – it will collect, encrypt and transfer data for commercial applications.
Overall, the company seems to be heading in the right direction – proving as to why DWF Labs and others have been putting their belief in them.
Put simply, CryptoGPT is aiming to allow for users to profit from AI technologies, and their own personal data by monetizing it across a variety of use cases. Also, they plan to bring out a collection of NFTs in the future. For example, staking of the token has already been brought into account – already allowing users to see benefits from their investment.
