Zero-knowledge (ZK) layer 2 blockchain CryptoGPT has secured $10 million in a Series A funding round led by market maker DWF Labs.
The blockchain’s valuation now stands at $250 million, according to a statement.
CryptoGPT is focusing on integrating ZK technology for private data transfers, developing its ZK rollup layer 2 blockchain, and a data-to-AI engine.
The new funding will be used to expand its developer team worldwide and strengthen its presence in Asian markets. Co-founder and CTO Dejan Erja said that CryptoGPT aims to enable users to monetize their data across various sectors, including fitness, dating, gaming, and education.
The blockchain will also introduce non-fungible tokens (NFTs) that store the owner’s activity data.
Also Read: SushiSwap: A Recipe For Disaster? Over $3M Worth Of Ethereum Stolen In Latest Exploit
AI-Focused Cryptocurrencies Gain Interest
The interest in AI-focused cryptocurrencies has surged recently, boosted by the success of chatbot ChatGPT.
CryptoGPT is among several AI-focused cryptocurrencies that have gained traction in the market, including Fetch.ai’s FET/USD and SingularityNET’s AGIX/USD.
CryptoGPT’s native token launched in March 2022, currently has a market cap of over $12 million, as per CoinMarketCap data.
However, skepticism exists regarding the long-term viability of such tokens, with some experts believing that the recent gains are only a short-term price pump driven by opportunistic traders on the back of the hype.
Warning: Investors should be aware that the market for AI-focused cryptocurrencies is still relatively new and untested and it remains to be seen if these tokens will have lasting value.
Therefore, investors should thoroughly research the risks and potential rewards of investing in AI-focused cryptocurrencies before committing any funds.
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