CryptoGPT announced raising $10 million in a Series A funding round from DWF Labs at a $250 million token valuation.
But only $420,000 of the total amount has thus far been invested by DWF Labs, CryptoGPT co-founder and CTO Dejan Erja told The Block.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.CryptoGPT, a zero-knowledge layer 2 blockchain network attempting to leverage the success of artificial intelligence, announced raising $10 million in a Series A funding round from DWF Labs at a $250 million token valuation.
But only $420,000 of the total amount has thus far been invested by DWF Labs, CryptoGPT co-founder and CTO Dejan Erja told The Block. DWF Labs began investing last week and the rest of the amount will be invested over 285 days, Erja said. "DWF Labs follows the vesting schedule that's outlined in our tokenomics. The investment is done over a 285-day period, aligning with the vesting of those tokens," he added.
As part of the deal, DWF Labs, a web3 investment firm that is also a market maker, will also make market for CryptoGPT's GPT token"The deal is mainly for them to become an active market maker in our books," Erja said. The GPT token was launched last month and its current fully diluted valuation stands at around $210 million, lower than what DWF invested, according to data fromCryptoGPT was founded in July 2022, according to Erja. Jamila Jelani was named as founder and CEO of the project as recently as last month on some social media
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