CryptoGPT, a zero-knowledge layer 2 blockchain network leveraging artificial intelligence, has successfully raised $10 million in a Series A funding round. The investment was led by web3 investment firm DWF Labs, valuing CryptoGPT’s token at $250 million. However, only $420,000 has been invested by DWF Labs to date, with the remaining funds to be invested over a 285-day period, according to CryptoGPT co-founder and CTO Dejan Erja.
Erja explained that DWF Labs’ investment plan aligns with the vesting schedule detailed in CryptoGPT’s tokenomics. As part of the deal, DWF Labs will also serve as an active market maker for CryptoGPT’s GPT token.
“The deal is mainly for them to become an active market maker in our books,” Erja said.
According to Erja, the project would utilize the funds to expand its 22-member team of developers and strengthen its position in the Asian markets. Erja added that the recent funding round follows a previous token round that raised $3 million through a public sale via Maker DAO last month.
CryptoGPT, founded in July 2022, has generated considerable attention for its innovative layer 2 blockchain network, which is under development. The company aims to help users own and monetize their data across various applications. Launched last month, the GPT token currently has a fully diluted valuation of approximately $210 million, according to data from CoinGecko.
“Use our apps in fitness, dating, games, and education. CryptoGPT captures and packages data. Own your data and earn from selling it,” the CryptoGPT CTO added. According to him, CryptoGPT’s mainnet is expected to launch in the third quarter of 2023.
