CryptoGPT introduced securing a $10 million strategic funding from DWF Labs, a market maker centered on Asian markets. This information triggered an 11% spike within the GPT token to $0.07478 on the time of press.
The deal places a $250 million valuation on the corporate. Funding will likely be used to develop AI Web3 know-how, notably in Asian markets.
What’s CryptoGPT?
CryptoGPT is an Ethereum-based layer 2 using zkRollup know-how to attain scaling. The corporate hopes to dispose of large tech’s dominance, enabling “you personal the monetization of your AI information.”
“Flip each activity in your every day life right into a supply of earnings.”
zkRollup know-how refers to an off-chain methodology that depends on one occasion proving to a different one thing is true. Apart from the assertion of reality, there isn’t any further info disclosed.
As a substitute of posting every particular person transaction, the statements of reality are batched, compressing the information and reducing load capability.
CryptoGPT goals to focus on retail customers by permitting them to earn via sharing their information. With the proliferation of AI, the corporate anticipates that information will develop into much more useful sooner or later.
” AI requires superior information to coach extra refined algorithms – firms that provide high-quality information will reap the advantages of this surge in demand.”
Asia growth
The corporate stated the timing for a strategic growth into Asia is good, given the flip in Hong Kong’s coverage in direction of digital property.
“Hong Kong is changing into the gate for crypto liquidity growth, opening to the Chinese language market.“
Current instances have seen a wave of pro-crypto bulletins coming from the city-state. This contains the native authorities spending $50 million to foster Web3 growth within the area and introducing a Digital Asset Service Supplier (VASP) license regime.
Eight crypto companies are anticipated to be granted a VASP license by the top of this yr.
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