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AI-Focused Blockchain CryptoGPT Raises $10 Million Funding at $250 Million Valuation

CryptoGPT has recently released an artificial intelligence assistant Alex and is developing its ZK roll-up layer 2 blockchain and a mechanism for converting data into AI.

AI-Focused Blockchain CryptoGPT Raises $10 Million Funding at $250 Million Valuation

Source: motionarray.com

The zero-knowledge Level 2 blockchain (ZK) Crypto PGP has benefited from the explosive growth of interest in artificial intelligence. CryptoGPT, amid the popularity of AI, managed to attract funding for $ 10 million.

The Series A funding round, which was led by market maker DWF Labs, who became one of the most active investors during the bear market of cryptocurrencies, gave the blockchain an estimate of $ 250 million.

CryptoGPT’s statement, which was published on the occasion of attracting additional funding last Monday, April 10, states that ZK technology will not be applied to payments, but integrated for data transmission.

The new funding will be spent on expanding the development team around the world and implementing measures to strengthen positions in Asian markets. This was announced by Deyan Erca, co-founder and technical director of the blockchain focused on artificial intelligence.

The main goal of CryptoGPT is to allow users to earn money by monetizing their data in the field of fitness, games, education, and dating. There are plans for the near future to issue interchangeable tokens (NFT) that store information about the owner’s activities.

The mechanism for converting data into artificial intelligence, which is currently being worked on, provides for the collection, encryption, and transmission of information for commercial applications.

Since the beginning of this year, there has been an increased interest in cryptocurrencies that are focused on artificial intelligence. This interest is due to the massive success of the chatbot ChatGPT. There is also skepticism about the current trend and the viability of such tokens in general, which is based on the assertion that the increase is a short-term result of opportunistic traders amid the hype.

CryptoGPT’s own GPT token, which was released at the beginning of March this year, has a market capitalization of just over $12 million. Some of the other cryptocurrencies with a larger market capitalization focused on artificial intelligence include Fetch.FET and AGIX from SingularityNET.

The CryptoGPT funding round is a clear confirmation of the prospects of combining blockchain technology and artificial intelligence. These technologies are developing, and therefore their combination in the foreseeable future will arouse increasing interest from companies that want to create innovative products and services that increase efficiency and safety.

As we have reported earlier, Portrait Analytics Raises $3 Million for Generative AI Investment Research Platform.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.