CryptoGPT, an AI-focused blockchain company, successfully raised $10 million in a recent Series A funding round, bringing its valuation to $250 million. The round, led by DWF Labs, a well-known market maker during the crypto market, aims to capitalize on the growing interest in artificial intelligence (AI) technology.
Introducing “Alex”
CryptoGPT has unveiled its Web3-centric AI assistant, “Alex,” while developing its Zero-Knowledge (ZK) Layer 2 blockchain and data-to-AI engine. This innovative technology collects, encrypts and transmits data for various commercial applications.
Unlike other platforms that use ZK technology for payments, CryptoGPT uses this technology for private data transfer. According to Dejan Erge, Co-Founder and CTO of CryptoGPT, the funds received from the Series A round will allow the company to expand its development team globally and strengthen its presence in Asian markets.
Data monetization
The main goal of CryptoGPT is to allow users to monetize their data in many sectors including fitness, dating, gaming and education. In addition, the company plans to launch non-fungible tokens (NFTs) that store data about the owner’s activities.
The AI-driven cryptocurrency market has experienced a surge of interest since the beginning of the year, primarily due to the success of the ChatGPT chatbot. However, there is some skepticism about the long-term viability of such tokens. Critics say the recent rise could be a short-term price rally caused by opportunistic traders taking advantage of the hype.
Native CryptoGPT token
CryptoGPT’s native token , GPT, launched in early March, currently has a market capitalization of just over $12 million, according to data from CoinMarketCap. This amount is significantly less than other well-known AI-focused cryptocurrencies such as Fetch.ai’s FET and SingularityNET’s AGIX.
The $10 million investment in CryptoGPT highlights the growing importance of AI-driven 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-driven cryptocurrency market develops in the coming years.
Conclusion
CryptoGPT’s innovations, such as the AI assistant ‘Alex’ and their focus on data privacy with ZK technology, illustrate the company’s commitment to providing cutting-edge solutions in the AI cryptospace. By continuing to explore new avenues of growth and addressing the challenges of market volatility and skepticism, CryptoGPT has the potential to become a major player in the industry.
