CryptoGPT, an AI-focused blockchain company, has successfully raised $10 million in a recent Series A funding round, elevating its valuation to $250 million. The round, spearheaded by DWF Labs, a prominent market maker during the crypto bear market, aims to capitalize on the growing interest in artificial intelligence (AI) technology.
Introducing “Alex”
CryptoGPT has introduced its Web3-focused AI assistant, “Alex,” while concurrently developing its zero-knowledge (ZK) rollup layer 2 blockchain and data-to-AI engine. This innovative technology gathers, encrypts, and transfers data for various commercial applications.
Unlike other platforms that apply ZK technology for payments, CryptoGPT utilizes this technology for private data transfers. The funds secured through the Series A round will enable the company to expand its developer team globally and strengthen its presence in Asian markets, according to Dejan Erja, co-founder and CTO of CryptoGPT.
Monetizing Data
CryptoGPT’s primary objective is to allow users to monetize their data across multiple sectors, including fitness, dating, gaming, and education. Furthermore, the company plans to launch non-fungible tokens (NFTs) that store the owner’s activity data.
The AI-focused cryptocurrency market has experienced a surge in interest since the beginning of the year, primarily due to the success of the chatbot ChatGPT. However, some skepticism surrounds the long-term viability of such tokens. Critics argue that the recent gains may be short-lived price pumps driven by opportunistic traders capitalizing on the hype.
CryptoGPT’s Native Token
CryptoGPT’s native token, GPT, issued in early March, currently has a market cap of just over $12 million, according to CoinMarketCap data. This amount is significantly less than other notable AI-focused cryptocurrencies such as Fetch.ai’s FET and SingularityNET’s AGIX.
The $10 million investment in CryptoGPT highlights the increasing importance of AI-focused blockchain technology and the growing demand for secure data transfer solutions. As the company continues to develop its technology and expand its global presence, it will be interesting to see how the AI-focused cryptocurrency market evolves in the coming years.
Conclusion
CryptoGPT’s innovations, such as the “Alex” AI assistant and their focus on data privacy through ZK technology, illustrate the company’s commitment to providing cutting-edge solutions in the AI-crypto space. By continuing to explore new avenues for growth and addressing the challenges associated with market volatility and skepticism, CryptoGPT has the potential to become a major player in the industry.
