Funding Update: CryptoGPT Bags $10M In Series A At $250M Valuation

As ChatGPT continues to gain millions of users around the world, a similar named crypto project has raised $10M in funding. The zero-knowledge layer-2 blockchain CryptoGPT has closed a Series A round worth $10M led by DWF Labs, an active market maker. As a result, the total valuation of CryptoGPT has shot up to $250M.

CryptoGPT’s Recent Releases:

The funding received in Series A is not the only reason why CryptoGPT has been making headlines in the crypto bear market. CryptoGPT has also released a brand new Web3-focussed AI assistant, which goes by the name “Alex.” In one statement shared online, there have been talks about launching an NFT soon.

This project has been dedicated to developing a ZK rollup layer 2 blockchain with a data-to-AI engine. The main purpose of the data-to-AI engine would be to acquire, encrypt, and transfer data for various commercial applications. CryptoGPT is not applying zero-knowledge technology to payments like other existing crypto projects but employing it for private data transfers.

CryptoGPT: Monetizing user data with AI-based blockchain

In the current scenario, data is worth more than gold, and that’s the philosophy behind CryptoGPT. As AI projects, including software and tools, are getting huge support from the general public, CryptoGPT has launched to become a dedicated blockchain solution for AI development.

Even though it seems that CryptoGPT is attempting to capitalize on the popularity and demand for ChatGPT, the project was trending heavily on crypto Twitter in March.

Due to this, even before the token launch, CryptoGPT gathered more than 2M active users, which made it one of the biggest blockchains during launch. Crypto enthusiasts are smitten by its offerings, which allow them to earn by completing simple everyday tasks.

Ultimately, the main idea behind this project is to enable users to earn by monetizing their data for different daily life activities, whether they are related to gaming, dating, education, or fitness. By turning personal data on how one uses various applications into profitable opportunities, the CryptoGPT team is comparing it to tech giants like Meta, Google, and others.

The difference that DWF Labs’ support makes for CryptoGPT

The turbulence in the crypto market worldwide is reflected in the withdrawal of numerous investment companies. Even so, DWF Labs has emerged as an ambitious market maker that left many VC firms behind by making a wave of investments (recently in CryptoGPT).

The managing partner of DWF Labs reportedly said that the current situation of the crypto market appears to be the best time to join this space. With presence in the UAE, Singapore, Switzerland, South Korea, the British Virgin Islands, and Hong Kong, DWF Labs is known as a global crypto trading entity.

In the recent past, the company has invested in many AI-powered and GameFi projects, including Tomi, Fetch.ai, and Synthetix. By leading the Series A funding round of CryptoGPT, DWF Labs has guaranteed its interest in an AI-focused crypto protocol.

Bottom line

In the future, CryptoGPT aims to release non-fungible tokens that help store and represent users activity data. Still, there are many who question the mainstream success of CryptoGPT by calling it a hype project. CryptoGPT peers like Fetch.ai and SingularityNET have amassed a larger market cap, which could be hard to overcome for a while.