DWF Labs Pour $10M Into CryptoGPT, Fuelling 11% Price Spike

Key Points:

• CryptoGPT secures $10M investment from DWF Labs, triggering an 11% spike in the GPT token to $0.07478.
• The deal values CryptoGPT at $250M and will be used to develop AI Web3 technology, particularly in Asian markets.
• CryptoGPT aims to target retail users by allowing them to earn through sharing their data.

CryptoGPT, an Ethereum-based layer 2 that utilizes zkRollup technology to achieve scaling, has announced securing a $10 million strategic investment from DWF Labs, a market maker focused on Asian markets.

This news triggered an 11% spike in the GPT token, which currently stands at $0.07478. This announcement puts a $250 million valuation on the company.

The funding will be used to develop AI Web3 technology, particularly in Asian markets. The company aims to do away with big tech’s dominance while enabling “you own the monetization of your AI data.” By using zkRollup technology, CryptoGPT hopes to target retail users by allowing them to earn through sharing their data. With the proliferation of AI, the company anticipates that data will become even more valuable in the future.

zkRollup technology is an off-chain method that relies on one party proving to another something is true. Other than the statement of truth, there is no additional information disclosed. Instead of posting each individual transaction, the statements of truth are batched, compressing the data and decreasing load capacity. The company believes that this technology will revolutionize the way people interact with AI and data.

The company has stated that the timing for a strategic expansion into Asia is ideal, given the recent turn in Hong Kong’s policy towards digital assets. Hong Kong is becoming the gate for crypto liquidity expansion, opening to the Chinese market. Recent times have seen a wave of pro-crypto announcements coming from the city-state. This includes the local government spending $50 million to foster Web3 development in the region and introducing a Virtual Asset Service Provider (VASP) license regime. As a result, CryptoGPT has identified Asia as a significant market for their technology and will be expanding their presence in the region.

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