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Wednesday, 12 April 2023

AI-Focused Cryptogpt Raises $10 Million in Series A Funding to Expand Into Asian Markets

by Earn Media

AI-Focused Cryptogpt Raises  Million in Series A Funding to Expand Into Asian Markets

A Layer two (L2) project, called Cryptogpt, which leverages ZK-rollup technology and artificial intelligence (AI), has announced that its team has raised $10 million in capital from a Series A funding round. The crypto and AI firm disclosed that the new funds would be used to expand into the largest Asian markets, and the company now has a valuation of $250 million.

Cryptogpt Startup Raises $10 Million; Startup Now Has a $250 Million Post-Valuation

Artificial intelligence (AI) has become a popular subject in 2023 as AI projects, such as Midjourney and Chatgpt, along with many other programs, have seen a surge in demand. This has sparked a significant rise in value for a number of AI-related cryptocurrency and blockchain projects this year. According to statistics from cryptoslate.com, at the time of writing, 77 AI-focused cryptocurrencies are worth $3.48 billion.

On April 10, an L2 project called Cryptogpt announced that it raised $10 million in a Series A financing round. “Cryptogpt receives $10M strategic investment from largest Asian market maker to expand into biggest Asian markets,” the Cryptogpt Twitter account told its 243,200 social media followers. “New funding at a $250M valuation from DWF Labs positions $GPT both financially and strategically with the most established layer-2 developments in Web3,” the company added.

Cryptogpt’s L2 network uses a native token called GPT, and the team asserts that GPT is a multi-value gas token that has high demand as fuel for network transactions. Over the past 30 days, GPT has gained 41.64%, with 14.79% of the increase recorded during the past 24 hours. Statistics show there is a circulating supply of three billion GPT, and the ERC20 version of GPT has 3,557 holders. Ten of the top GPT holders command 82.95% of the circulating supply. On April 10, Cryptogpt’s native token was trading for prices between $0.0672 to $0.0751 per unit.

The AI project also introduced a chatbot called “Alex” during the first week of March. “Cryptogpt releases 1st product: Alex, [a] key to infinite knowledge of the internet,” the team said at the time. “Today, we release our AI chatbot Alex — your companion in the Cryptogpt ecosystem that can answer any question [and] complete creative tasks.” Cryptogpt also detailed that Alex is “powered by Openai models,” the company behind the popular AI application Chatgpt.

What are your thoughts on the increasing intersection between artificial intelligence and cryptocurrency, and do you see this trend continuing to grow in the future? Share your thoughts about this subject in the comments section below.

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