CryptoGPT said it will use these funds to expand its development team as well as expand its footprint in the Asian market.
The world of Artificial Intelligence (AI) is growing massively and very fast and even the crypto world is now catching the bug. In the latest development, CryptoGPT has launched its Web3-focused AI assistant “Alex” and secured $10 million in Series A funding round.
According to industry reports, CryptoGPT raised this funding at an industry valuation of $250 million. CryptoGPT said that the company will use these funds to expand its reach in Asia and build out its development team.
What AI-focused CryptoGPT offers
CryptoGPT is a ZK Rollup Layer 2 blockchain and provides an AI-powered way to monetize user generated data. In a statement on Monday, April 10, CryptoGPT Said,
“Instead of implementing ZK technology for payments, CryptoGPT integrates it for private data transfers”.
Not only does CryptoGPT help people monetize their data, but it also lets them decide which apps can access their data, including their preferences and behavior. Later, large companies buy this information and user data to train their artificial intelligence models. Here users also earn in return for sharing their data.
As stated, CryptoGPT uses zero-knowledge proof technology to transfer data between users and commercial applications. As part of its future plans, CryptoGPT plans to roll out non-fungible tokens (nft) which will store the owner’s activity data.
Strong interest in AI-focused cryptocurrencies
Amid the boom in the industry of Artificial Intelligence (AI), there is a strong demand for AI-focused cryptocurrencies. Nevertheless, doubts have arisen over the sustainability of such tokens in the long term. Some experts have also expressed concern that the gains made by such AI-focused tokens in recent months have been due to a temporary increase in price, triggered specifically by opportunistic traders looking to exploit the hype.
Last month, CryptoGPT released its native token, GPT, in early March 2023. Currently, this AI-focused crypto has a market cap of just over $12 million. However, GPT is not the only AI-focused digital asset currently on the market. There have been a few other AI-focused cryptocurrencies like Fetch.ai (FET) and SingularityNET (AGIX) that have registered massive gains this year.
With its data-to-AI engine, CryptoGPT allows businesses to access and use encrypted data for AI applications. Furthermore, it also plans to expand its ecosystem by integrating with other blockchain projects as well as other layer-2 solutions.
Bhushan is a FinTech enthusiast and has a good grasp of understanding the financial markets. His interest in economics and finance drew his attention to the newly emerging blockchain technology and cryptocurrency markets. He is in the process of continuous learning and keeps motivating himself by sharing his acquired knowledge. In his spare time he reads thriller fiction novels and occasionally explores his culinary skills.
Bitcoin Crypto Related Post