CryptoGPT Secures $10M Investment For Their Data Monetization Network
L2 blockchain network CryptoGPT has raised $10 million in Series A funding from DWF Labs, a web3 investment firm that also serves as a market maker.
The token valuation for this funding round is $250 million, but only $420,000 has been invested so far. The remaining amount will be invested over 285 days following CryptoGPT’s vesting schedule.
CryptoGPT’s GPT token, which was launched last month, has a current fully diluted valuation of around $210 million. As part of the deal, DWF Labs will also serve as an active market maker for the GPT token. This will enable CryptoGPT to provide liquidity to its users and enhance its market presence.
According to CryptoGPT co-founder and CTO Dejan Erja, DWF Labs’ investment will expand the company’s developer team from the current 22 people and grow its presence in Asia. The company’s mainnet is expected to go live in the third quarter of 2023.
CryptoGPT’s goal is to enable users to own and monetize their data via its Layer 2 blockchain network. The company claims that its network will enable users to use apps in fitness, dating, games, and education while capturing and packaging their data via NFT. This will allow users to own their data and earn from selling it.
CryptoGPT previously raised $3 million in a token round through a public sale via DAO Maker last month, according to Erja. The company plans to use these funds to continue its development and expansion efforts.