AI-Backed Blockchain CryptoGPT Secures $10 Million in Funding at $250 Million Valuation

CryptoGPT, a layer 2 blockchain utilizing zero-knowledge (ZK) technology, has capitalized on the current boom in artificial intelligence (AI) to secure $10 million in funding through a Series A round. DWF Labs, a market maker known for its active investments during bearish market conditions, led the funding round, resulting in a valuation of $250 million for the AI-focused blockchain platform, as stated in a statement.

CryptoGPT has recently launched “Alex,” an AI assistant that focuses on Web3 integration, while also continuing development on its ZK rollup layer 2 blockchain platform and a target="_blank" rel="noopener">CoinMarketCap data shows that as of now, the GPT token – created by CryptoGPT in early March – has a market capitalization of slightly above $12 million. Other notable AI-focused cryptocurrencies with higher market capitalizations include Fetch.ai (FET) and SingularityNET (AGIX), as per CoinGecko data. According to Dejan Erja, CryptoGPT was established in July 2022.

While some social media accounts and news articles had referred to Jamila Jelani as the founder and CEO of the project as recently as last month, her current position on the CryptoGPT website is listed as marketing personnel. Jelani clarified that third-party sources had quoted her as CEO, but she is actually responsible for marketing.

In contrast, Erja is the founder and CTO of CryptoGPT, although he is labeled as a co-founder in the current press release. Erja has stated that CryptoGPT intends to use DWF’s investment to expand its current development team of 22 individuals and enhance its presence in the Asian markets. Last month, CryptoGPT reportedly raised $3 million in a token round by way of a public sale through DAO Maker, as per Erja.