A Layer two (L2) project, called Cryptogpt, which leverages ZK-rollup technology and artificial intelligence (AI), has announced that its team has raised $10 million in capital from a Series A funding round. The crypto and AI firm disclosed that the new funds would be used to expand into the largest Asian markets, and the company now has a valuation of $250 million.
Cryptogpt Startup Raises $10 Million; Startup Now Has a $250 Million Post-Valuation
Artificial intelligence (AI) has become a popular subject in 2023 as AI projects, such as Midjourney and Chatgpt, along with many other programs, have seen a surge in demand. This has sparked a significant rise in value for a number of AI-related cryptocurrency and blockchain projects this year. According to statistics from cryptoslate.com, at the time of writing, 77 AI-focused cryptocurrencies are worth $3.48 billion.
On April 10, an L2 project called Cryptogpt announced that it raised $10 million in a Series A financing round. “Cryptogpt receives $10M strategic investment from largest Asian market maker to expand into biggest Asian markets,” the Cryptogpt Twitter account told its 243,200 social media followers. “New funding at a $250M valuation from DWF Labs positions $GPT both financially and strategically with the most established layer-2 developments in Web3,” the company added.
Cryptogpt’s L2 network uses a native token called GPT, and the team asserts that GPT is a multi-value gas token that has high demand as fuel for network transactions. Over the past 30 days, GPT has gained 41.64%, with 14.79% of the increase recorded during the past 24 hours. Statistics show there is a circulating supply of three billion GPT, and the ERC20 version of GPT has 3,557 holders. Ten of the top GPT holders command 82.95% of the circulating supply. On April 10, Cryptogpt’s native token was trading for prices between $0.0672 to $0.0751 per unit.
The AI project also introduced a chatbot called “Alex” during the first week of March. “Cryptogpt releases 1st product: Alex, [a] key to infinite knowledge of the internet,” the team said at the time. “Today, we release our AI chatbot Alex — your companion in the Cryptogpt ecosystem that can answer any question [and] complete creative tasks.” Cryptogpt also detailed that Alex is “powered by Openai…
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