Investment Round Details
CryptoGPT publicied announcing $10 milliom in a Series A investment round from DWF Labs, at a token valuation of $250 million. Co-found and CTO, Dejan Erja told The Block that only $420,000 of the funds have been invested thus far by DWF Labs, but the remainder will be invested over a period of 285 days.
Motivations Behind Investment
The investment is part of a tokenomic schedule that DWF Labs is following to vest tokens and become an active market maker in the CryptoGPT platform. Last month, the GPT token was launched, and its current, fully diluted valuation stands at $210 million as of CoinGecko data.
Background on CryptoGPT
CryptoGPT is a Layer 2 blockchain network, attempting to use the power of artificial intelligence to its full potential. Founded in July 2022, the project’s stated purpose is to help users own and monetize their data through its novel platform. Jamila Jellani has been quoted in 3rd-party sourced as founder and CEO, but her current title listed on the CryptoGPT website is marketing personnel. GPT’s mainnet is expected to be launched in the third quarter of 2021.
Scope of Investment
The $10 million investment will be used to grow the CryptoGPT’s team, currently consisting of 22 members, and to expand their operations in Asia.