CryptoGPT announced that it has secured a $10 million strategic investment from DWF Labs, a market maker focused on the Asian market. The news caused GPT tokens to surge 11% for him, taking him to $0.07478 at the time of writing.
The transaction values the company at $250 million. The funds will be used for the development of AI Web3 technology, especially in the Asian market.
What is CryptoGPT?
CryptoGPT is an Ethereum-based Layer 2 that leverages zkRollup technology for scaling. The company wants to end Big Tech’s dominance, To enable “You own the monetization of your AI data.”
“Turn every task in your daily life into a source of income.”
zkRollup technology refers to off-chain methods that rely on one party proving to another party that something is true. Other than truthful statements, no additional information is disclosed.
Instead of posting individual transactions, statements of truth are batched, compressing data and reducing load capacity.
CryptoGPT We aim to target retail users by allowing them to share data and earn revenue. The company expects data to become even more valuable in the future as AI becomes more prevalent.
“AI requires sophisticated data to train more sophisticated algorithms. Companies that provide high-quality data will benefit from this surge in demand.”
Asian expansion
company Said Given the shift in Hong Kong’s policy towards digital assets, the timing of the strategic expansion into Asia is ideal.
“Hong Kong is becoming a gateway for growing cryptocurrency liquidity, opening the door to the Chinese market.“
Recently, we have seen a wave of announcements of support for cryptocurrencies from city-states. This includes spending $50 million by local governments to encourage local Web3 development and the introduction of the Virtual Asset Service Provider (VASP) licensing scheme.
By the end of this year, eight cryptocurrency companies will have VASP licenses.
An 11% price jump first appeared in CryptoSlate, triggered by a $10 million investment in CryptoGPT from DWF Labs.
