1 year ago
85
Token valuation 33 billion yen
Web3 project CryptoGPT, which aims to develop AI (artificial intelligence) and decentralize the data market, announced on the 11th that it has raised 1.3 billion yen ($10 million) from DWF Labs in a series A investment round. The token valuation will reach approximately 33 billion yen ($250 million).
CryptoGPT Receives $10M Strategic Investment from Largest Asia Market Maker to Expand into Biggest Asian Markets 
New funding at a $250M valuation from @Dwf Labs positions $GPT both financially and strategically with the most established layer-2 developments in web3.
— CryptoGPT | AI2Earn Staking Live 29/30 Days Growth (@CryptoGPT_org) April 10, 2023
DWF Labs is one of Asia’s largest market makers, with offices in Singapore, Switzerland, British Virgin Islands, United Arab Emirates, South Korea and Hong Kong. The investment agreement also includes market-making for the native token GPT.
Dejan Erja, co-founder and CTO of CryptoGPT, said the company will use the funds from the funding to expand its developer team and increase its presence in the Asian market.
According to CoinGecko, the GPT token will start trading on major exchanges in March 2023. At the time of writing, the GPT price is about 10 yen ($0.07), the total token issuance is 3 billion GPT, and the market capitalization is about 30 billion yen ($220 million), which is lower than DWF’s investment valuation.
The funding will be phased in, depending on the pace of CryptoGPT’s native token supply. DWF Labs will initially invest approximately 55 million yen ($420,000), with the remaining funds to be invested over 285 days.
According to Erja, CryptoGPT also raised about 400 million yen ($3 million) in a public offering token round last month through DAO Maker.
connection:Push Protocol Powers AI Chatbot, Focuses on Privacy Protection
What is CryptoGPT
CryptoGPT is developing a blockchain that employs ZK Rollup and a Data-to-AI engine that collects, encrypts and transfers data.
connection:What is “Rollup”, a solution to the scaling problem? Detailed explanation of the mechanism and points to note
It is envisioned that dApps will be built on the CryptoGPT ecosystem, and users will be given GPT tokens in exchange for providing data. GPT is a utility token that can be used as “gas (fee)” for transactions on the same blockchain. It can also be used for liquidity events such as buybacks and burns.
The company is developing modules for owning and monetizing user data such as fitness, dating, gaming, and education, and will launch a non-fungible token (NFT) in Q3 2023 to store owner activity data. ) will be launched on the mainnet.
CryptoGPT claims to help users own and monetize their data through its in-development Layer 2 blockchain network.
Erja told the overseas virtual currency media The Block, “We want you to use our app for fitness, dating, games, and education. CryptoGPT captures and packages data. You own the data and sell it. We can make a profit from it,” he said.
Since OpenAI in the United States announced ChatGPT on November 30, 2010, “ChatGPT” has become popular on Twitter and elsewhere. With that trend, funds are gathering in AI (artificial intelligence)-related crypto assets (virtual currencies).
According to data from CoinMarketCap, FetchAI (FET) and DeepBrain (DBC) are up about 250% since the beginning of the year. SingularityNET (AGIX), which provides an AI marketplace, is up 900% year-to-date (at the time of writing).
connection:Canadian Authorities Investigate ‘ChatGPT’ Developer OpenAI
The post CryptoGPT successfully raises 1.3 billion yen in series A investment appeared first on Our Bitcoin News.
English (US) ·