CryptoGPT, a zero-knowledge layer 2 blockchain network seeking to leverage the success of artificial intelligence, has announced it has raised $10 million in a Series A funding round from DWF Labs at a token valuation of $250 million.
But so far only $420,000 of the total amount has been invested by DWF Labs, CryptoGPT co-founder and CTO Dejan Erja told The Block. DWF Labs started investing last week and the rest of the amount will be invested in 285 days, Erja said.
“DWF Labs follows the vesting schedule outlined in our tokenomics. The investment is made over a period of 285 days, in line with the acquisition of those tokens,” he added.
As part of the deal, DWF Labs, a web3 investment company that is also a market maker, will also market CryptoGPT’s GPT token.
The GPT token was launched last month and its current fully diluted valuation is around $210 million, lower than what DWF has invested, according to data from CoinGecko.
CryptoGPT was founded in July 2022, according to Erja. Jamila Jelani was mentioned on some social media last month as the founder and CEO of the project bills and in the news Article. But her current title on the CryptoGPT website is Marketing Personnel. Jelani said, “Third party sources named me as CEO, as I was told, but I do marketing. It’s shoddy work on their part.” Erja is the founder and CTO of CryptoGPT, she said, although today’s press release lists him as a co-founder.
CryptoGPT made headlines last month around the token launch and the meteoric rise of AI bots like OpenAI’s ChatGPT. CryptoGPT claims to help users own and monetize their data through the Layer 2 blockchain network under development.
“Use our apps for fitness, dating, gaming and education. CryptoGPT captures and packages data. Own your data and make money selling it,” said Erja. CryptoGPT’s mainnet is expected to go live in the third quarter of this year, he added.
With DWF’s investment, CryptoGPT aims to grow its developer team from the current 22 people and grow in Asia, according to Erja.
According to Erja, CryptoGPT raised $3 million in a token round earlier last month through a public sale through DAO Maker.
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