Digital Assets: CryptoGPT, A Startup Focused On AI Development Using Blockchain Technology, Nabs $10M

CryptoGPT aims to enable users to monetize their data in various sectors including fitness, dating, gaming, and education, with the goal of allowing them to earn money.

CryptoGPT, a layer 2 blockchain that uses zero-knowledge (ZK) technology, has raised $10 million in funding through a Series A round. The funding, which was led by DWF Labs, a market maker known for its investments during bearish market conditions, garnered a valuation of $250 million for CryptoGPT.

The AI-focused blockchain platform recently launched an AI assistant called “Alex” and is developing a ZK rollup layer 2 blockchain platform and a data-to-AI engine for commercial applications. CryptoGPT uses ZK technology for private data transfers, rather than payments. The funding will be used to beef up the company’s development team and presence in Asian markets. (Blockchain Reporter)

CryptoGPT aims to enable users to monetize their data in various sectors and plans to release non-fungible tokens (NFTs) capable of storing activity data. There has been a recent surge in enthusiasm for AI-focused cryptocurrencies, partially due to the popularity of the chatbot ChatGPT. However, some doubt that these tokens would sustain in the long term, and believe the price increases are short-term speculation.

The GPT token created by CryptoGPT has a market capitalization of slightly over $12 million, according to CoinMarketCap. Other AI-focused cryptocurrencies with higher market capitalizations include (FET) and SingularityNET (AGIX).

CryptoGPT was established in July 2022 and raised $3 million in a token round through a public sale through DAO Maker, according to Dejan Erja, the co-founder and CTO.

Related Story:  OpenAI Announces GPT-4

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