AI-Blockchain CryptoGPT Secures $10 Million in Funding, Valued at $250 Million – Bull Market Back? – Crypto News BTC

CryptoGPT, an Ethereum layer-2 answer devoted to AI improvement, has raised $10 million in funding at a valuation of $250 million. 

The Collection A spherical was led by DWF Labs, a number one digital asset market maker and multi-stage web3 funding agency, the corporate stated in a Monday Twitter thread. 

“New funding at a $250M valuation from DWF Labs positions GPT each financially and strategically with probably the most established layer-2 developments in web3,” the corporate stated. 

CryptoGPT is an Ethereum-based layer 2 that makes use of zkRollup expertise, an off-chain technique that depends on one celebration proving to a different one thing is true, to realize scaling. 

The corporate hopes to earn cash by monetizing customers’ information throughout health, courting, gaming, and training.

Extra particularly, customers have the choice to permit CryptoGPT to gather a few of their information, corresponding to their preferences and habits, whereas they use the app. 

This data is then offered in a bigger market the place corporations buy information to coach their synthetic intelligence fashions. Customers may earn in alternate for sharing their information.

Only recently, the corporate rolled out its Web3-focused AI assistant “Alex” and is growing its ZK rollup layer 2 blockchain and a data-to-AI engine, which collects, encrypts and transfers information for industrial functions.

In the meantime, CryptoGPT’s native token GPT jumped greater than 10% on Monday on the information, earlier than correcting its beneficial properties. 

The token is presently buying and selling at round $0.07, virtually flat over the previous day. Moreover, it has a market cap of simply over $20 million and a 24-hour buying and selling quantity of round $6 million on the time of writing.

The GPT token is presently out there on some main exchanges, together with Bitfinex, BingX, Bybit, and Bitget. On Monday, the corporate revealed that its token will even be listed on Bithumb, Korea’s largest fiat alternate. 

CryptoGPT Eyes Asia Push Amid Enhancing Regulatory Setting

CryptoGPT famous that with assist from DWF Labs, Asia’s greatest market maker, the corporate with “push deeper into Asia on the most strategic time.”

The undertaking talked about that its Asia enlargement comes at a time when Hong Kong is adopting a extra crypto-friendly stance in a bid to reclaim its place as a world crypto hub. 

Only recently, Hong Kong’s finance chief said in a weblog submit that it’s the “proper time” for town to push for Web3 regardless of the latest market volatility.

He claimed that the crypto trade goes via the identical course of because the Web within the early 2000s. He in contrast the 2022 crypto meltdown to the dot-com bubble burst in 2000, claiming that surviving market gamers centered on technological innovation, functions, and worth creation.

“Within the subsequent stage, market members have to develop blockchain expertise extra deeply, in order that its traits and benefits of transparency, effectivity, safety, disintermediation, de-platformization, and low value can discover wider software situations and resolve extra present issues.”