Ethereum layer-2 AI development solution CryptoGPT has secured $10 million in investment at a $250 million valuation, which could be bolstered by the recent surge in interest surrounding artificial intelligence (AI). The Series A round was led by market maker DWF Laboratories, who has surfaced as one of the most prominent investors during the crypto winter.
According to Dejan Erja, co-founder and chief technology officer of the blockchain, the funds from the new capital will be used to expand the company’s developer staff internationally and strengthen its regional footprint in the Asian markets.
In addition to building its ZK rollup layer 2 blockchain and a data-to-AI engine, which gathers, encrypts, and transfers data for commercial applications, CryptoGPT has recently released “Alex,” an AI assistant geared towards Web 3.
In order to scale, CryptoGPT employs ZK-Rollup technology, an off-chain technique that depends on one party proving to another that something is true. T he company hopes to gain monetisation by selling user data across fitness, dating, gaming, and education.
Users can decide whether to give CryptoGPT permission to gather some information about them while they use the app, including their preferences and activity.
Then, organisations that want to use this data to train their artificial intelligence models can buy it on a larger market. In addition, users can receive compensation for sharing their data.