A layer two (L2) project, called Cryptogpt, which leverages ZK-rollup technology and artificial intelligence (AI), has announced that its team has raised $10 million in capital from a Series A funding round. The cryptocurrency and AI firm revealed that the new funds would be used to expand into larger Asian markets, and the company now has a valuation of $250 million.
Cryptogpt Startup Raises $10 Million; Startup now has a back valuation of $250 million
Artificial intelligence (AI) has become a hot topic in 2023 as AI projects such as Midjourney and Chatgpt, along with many other programs, have seen a surge in demand. This has caused a significant increase in the value of a number of AI-related blockchain and cryptocurrency projects this year. According Statistics From cryptoslate.com, at the time of writing, 77 AI-focused cryptocurrencies are worth $3.48 billion.
On April 10, an L2 project called Cryptogpt Announced which raised $10 million in a Series A funding round. “Cryptogpt receives $10 million strategic investment from largest Asian market maker to expand into largest Asian markets,” Cryptogpt’s Twitter account said to its 243,200 followers on social media. “The new funding with a valuation of $250 million from DWF Labs positions $GPT both financially and strategically with the most established Layer 2 developments in Web3,” the company added.
Cryptogpt’s L2 network uses a native token called GPT, and the team claims that GPT is a multi-value gas token that is in high demand as a fuel for network transactions. Over the last 30 days, GPT has gained 41.64%, with 14.79% of the increase recorded over the last 24 hours. Statistics show that there is a circulating supply of three billion GPT, and the ERC20 version of GPT has 3,557 holders. Ten of the top GPT holders command 82.95% of the circulating supply. On April 10, Cryptogpt’s native token was trading at prices between $0.0672 and $0.0751 per unit.
The AI project also introduced a chatbot called “Alex” during the first week of March. “Cryptogpt launches the first product: Alex, (a) key to the infinite knowledge of the Internet”, the team said at the time. “Today we launch our AI chatbot Alex, his partner in the Cryptogpt ecosystem that can answer any question (and) complete creative tasks.” Cryptogpt too detailed that Alex is “powered by Openai models”, the company behind the popular AI app Chatgpt.
What do you think about the growing intersection between artificial intelligence and cryptocurrency? Do you think this trend will continue to grow in the future? Share your thoughts on this topic in the comments section below.
image credits: Shutterstock, Pixabay, Wiki Commons, Cryptogpt
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