CryptoGPT Raises $10 Million in Series A Funding Round from DWF Labs at $250 Million Token Valuation
CryptoGPT, a zero-knowledge layer 2 blockchain network that aims to leverage the success of artificial intelligence, has announced that it has raised $10 million in a Series A funding round from DWF Labs at a $250 million token valuation. However, only $420,000 of the total amount has been invested by DWF Labs thus far.
According to CryptoGPT co-founder and CTO Dejan Erja, DWF Labs began investing last week, and the rest of the amount will be invested over a period of 285 days, in line with the vesting schedule outlined in CryptoGPT's tokenomics.
As part of the deal, DWF Labs will make a market for CryptoGPT's GPT token and become an active market maker in the project's books. The GPT token was launched last month, and its current fully diluted valuation stands at around $210 million, lower than what DWF invested.
CryptoGPT's mainnet is expected to go live in the third quarter of this year, and with DWF's investment, CryptoGPT aims to grow its developer team from the current 22 people and expand in Asia.
Takeaways:
CryptoGPT has raised $10 million in a Series A funding round from DWF Labs at a $250 million token valuation.
Only $420,000 of the total amount has been invested by DWF Labs thus far, with the rest of the amount to be invested over a period of 285 days.
DWF Labs will make a market for CryptoGPT's GPT token and become an active market maker in the project's books.
CryptoGPT's mainnet is expected to go live in the third quarter of this year, and the project aims to expand in Asia with DWF's investment.
Conclusion: CryptoGPT's latest funding round from DWF Labs is a significant boost for the project, which aims to leverage the success of artificial intelligence and help users own and monetize their data. With the investment, CryptoGPT aims to grow its developer team and expand in Asia, positioning itself as a leading player in the blockchain and AI space.
Hey, it's CryptoPatel here!
I'm passionate about providing you with the latest insights and analysis on the world of cryptocurrencies.
If you enjoy my content and want to show your support, please like, share, and follow me for more high-quality updates.
Thank you for your support, and let's continue to stay connected for more exciting content!
LIKE ❤️
Share ⏩
Follow 🤝
