CryptoGPT, an Ethereum layer-2 solution committed to AI development, has raised $10 million in funding at a valuation of $250 million.
The Series A spherical become led by DWF Labs, a leading digital asset marketplace maker, and multi-stage Web3 investment firm, the business enterprise stated in a recent Twitter thread.
“New investment at a $250M valuation from DWF Labs positions GPT both financially and strategically with the maximum established layer-2 tendencies in Web3,” the corporation said. CryptoGPT is an Ethereum-based totally layer 2 that makes use of ZK-Rollup technology, an off-chain approach that relies on one birthday celebration proving to some other some thing is proper, to reap scaling.
The company hopes to earn money by way of monetizing customers’ information across fitness, courting, gaming, and schooling.
More specifically, customers have the option to permit CryptoGPT to accumulate some of their records, together with their alternatives and conduct, while they use the app. Users can also earn in change for sharing their facts.
Just currently, the organization rolled out its Web3-centered AI assistant “Alex” and is developing its ZK-rollup layer 2 blockchain and a statistics-to-AI engine, which collects, encrypts and transfers facts for commercial applications.
Meanwhile, CryptoGPT’s local token GPT jumped more than 10% on Monday on the information, earlier than correcting its profits.
The token is currently buying and selling at around $0.07, almost flat over the last day. Furthermore, it has a marketplace cap of simply over $20 million and a 24-hour buying and selling quantity of around $6 million at the time of writing.
The GPT token is presently available on some primary exchanges, together with Bitfinex, BingX, Bybit, and Bitget. On Monday, the enterprise discovered that its token will also be listed on Bithumb, Korea’s biggest fiat change. Notably, some crypto veterans have raised crimson flags related to the task, consisting of misleading information approximately its leadership and key employees, doubtful claims about its investors, and a few potentially unlawful practices.
Jason Yanowitz, co-founding father of crypto media website online BlockWorks, claimed CryptoGPT is an “outright scam.”
He highlighted a few suspicious pastime taking place across the assignment.
For example, Jamila Jelani, to begin with listed because the CEO/founder of CryptoGPT, saw her title on the site trade to a marketer.
More currently, she has been completely removed from the site.
Jelani claimed to have led growth campaigns at Alibaba, but there may be no proof to verify that claim.