CryptoGPT’s $10M investment from DWF Labs triggers 11% price surge CryptoGPT’s $10M investment from DWF Labs triggers 11% price surge
CryptoGPT said the funding will be used to develop AI-based Web3 tech for expansion in Asia.
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Updated: Apr. 10, 2023 at 7:08 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
CryptoGPT announced securing a $10 million strategic investment from DWF Labs, a market maker focused on Asian markets. This news triggered an 11% spike in the GPT token to $0.07478 at the time of press.
The deal puts a $250 million valuation on the company. Funding will be used to develop AI Web3 technology, particularly in Asian markets.
What is CryptoGPT?
CryptoGPT is an Ethereum-based layer 2 utilizing zkRollup technology to achieve scaling. The company hopes to do away with big tech’s dominance, enabling “you own the monetization of your AI data.”
“Turn every task in your daily life into a source of income.”
zkRollup technology refers to an off-chain method that relies on one party proving to another something is true. Other than the statement of truth, there is no additional information disclosed.
Instead of posting each individual transaction, the statements of truth are batched, compressing the data and decreasing load capacity.
CryptoGPT aims to target retail users by allowing them to earn through sharing their data. With the proliferation of AI, the company anticipates that data will become even more valuable in the future.
” AI requires advanced data to train more sophisticated algorithms – companies that supply high-quality data will reap the benefits of this surge in demand.”
Asia expansion
The company said the timing for a strategic expansion into Asia is ideal, given the turn in Hong Kong’s policy towards digital assets.
“Hong Kong is becoming the gate for crypto liquidity expansion, opening to the Chinese market.“
Recent times have seen a wave of pro-crypto announcements coming from the city-state. This includes the local government spending $50 million to foster Web3 development in the region and introducing a Virtual Asset Service Provider (VASP) license regime.
Eight crypto firms are expected to be granted a VASP license by the end of this year.
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Samuel Wan
Samuel Wan, a finance professional turned full-time crypto content creator, values individual autonomy and personal freedom in his pursuits.
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