CryptoGPT raises $10M led by DWF Labs for AI-focused blockchain

CryptoGPT raises $10M led by DWF Labs for AI-focused blockchain

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CryptoGPT, a zero-knowledge layer 2 blockchain that aims to help users monetize data for artificial intelligence use, today announced it raised $10 million in new funding led by DWF Labs at a $250 million valuation.

The company was founded in July 2022 with an aim to allow users to provide data for companies to train AI models by using blockchain technology. Its underlying engine uses zero-knowledge proofs, a blockchain scaling technology, that allows it to record, encrypt and anonymize user data and then sell it to AI companies on a global marketplace.

“Instead of applying ZK technology to payments, CryptoGPT integrates it for private data transfers,” the company said in a statement to CoinDesk.

The company recently began making headlines as generative AI models such as ChatGPT, Stable Diffusion and Midjourney have entered the public consciousness and gained increased popularity. The name of the company itself has also driven a lot of attention its way.

By being able to control their own data, CryptoGPT will incentivize users by offering an ecosystem through an ecosystem of apps across a range of different industries such as fitness, music, gaming, dating, travel and more, where they can opt into monetization. The company calls this part of its platform a data-to-AI engine that collects user data and puts it into a marketplace where it can be sold to industries seeking to train AI models, and in turn, users are paid for their activity.

The company recently launched its own crypto-focused AI assistant named “Alex,” which is described as a “public library of the internet, powered by OpenAI models.” The company has released two versions of it, one for the desktop and one for mobile. Users can also tap into a virtual private network that allows them to activate AI data monetization with the blockchain network.

The company said that it would use the funding to build its developer team and expand its regional presence in the Asian markets.

To operate its blockchain, ChatGPT uses a native token called GPT, which was issued in early March. It currently has a market cap of just over $13 million, according to CoinMarketCap.

As the boom in the popularity of AI continues, other AI-focused crypto tokens have also hit large market caps including Alethea’s artificial liquid intelligence (ALI) and SingularityNET (AGIX). Another notable blockchain project that uses AI for smart infrastructure, Fetch.ai, also backed by DWF Labs, has seen its market cap reach $355 million, according to CoinGeko.

Image: Pixabay

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