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CryptoGPT said that 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) has been growing massively and very rapidly and even the crypto world is now catching the bug. In the latest development, CryptoGPT has rolled out its Web3-focused AI assistant “Alex” and has secured $10 million in a Series A funding round.
As per industry reports, CryptoGPT raised this funding at industry valuations of $250 million. CryptoGPT said that the company shall use these funds to expand its footprint in Asia and build its development team.
What AI-focused CryptoGPT Offers
CryptoGPT is a ZK rollup layer 2 blockchain and provides an AI-powered way for the user to monetize the data they generate. In a statement on Monday, April 10, CryptoGPT said:
“Instead of applying ZK technology to payments, CryptoGPT integrates it for private data transfers”.
CryptoGPT not only helps people monetize their data, but it also lets them decide which other apps can access their data, including their preferences and behavior. Later, big companies purchase this information and user data in order to train their artificial intelligence models. Here, users also get to earn in exchange for sharing their data.
As said, CryptoGPT uses zero-knowledge proof technology for transferring data between users and commercial applications. As part of its future plans, CryptoGPT is planning to roll out non-fungible tokens (NFT) that will store the owner’s activity data.
Strong Interest in AI-Focused Cryptocurrencies
Amid the massive boom in the industry of artificial intelligence (AI), there’s a strong demand for AI-focused cryptocurrencies. Nevertheless, doubts have emerged over the durability of such tokens in the long term. Some experts have also expressed concerns that the profits enjoyed by such AI-focused tokens in recent months are due to a temporary surge in the price, especially triggered by opportunistic traders looking to exploit the hype.
Last month in early March 2023, CryptoGPT issued its native token GPT. 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 in the market. There have been some other AI-focused cryptocurrencies such as 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 partnering with other blockchain projects as well as integrating with other Layer-2 solutions.