KaJ Labs, a decentralized research organization focusing on AI and blockchain technology, has raised $400 million in a Seed Funding round led by GEM Digital.
The Seattle-Based foundation behind Lithosphere has sold $400 million LITHO tokens to Global Emerging Markets (GEM) digital, Four capital and individual investors. GEM is a $5 billion digital asset investment firm based in the Bahamas. This deal marks as the second largest startup seed round raised in 2022 so far.
The deal structure is in the form of a Token Subscription Facility (“TSF”), which Lithosphere can draw down at its option by selling Litho tokens to GEM.
The funding enables new product development and global adoption of Lithosphere, while providing a greater number of individuals with the opportunity to add the cryptocurrency to their portfolios.
Lithosphere is the next-generation platform for cross-chain applications powered by AI and Deep Learning. The Lithosphere network introduces a novel consensus algorithm, a new token standard and other innovations like Deep Neural Networks(DNNs) to make smart contracts smarter with the help of AI.
Lithosphere intends to connect all the blockchains and break the barriers between blockchains by allowing them to transact with each other. The end goal is to create a connected network of blockchains, a network of blockchains able to communicate with each other in a decentralized manner.
With Lithosphere, blockchains can maintain sovereignty, process transactions quickly and communicate with other blockchains in the ecosystem, making it optimal for a variety of use cases instead of being limited to one blockchain network.
Joel Kasr, Founder & Chief Scientist at KaJ Labs, said:
“Lithosphere is a user-owned and controlled network and these funds will fuel even more community-led innovation. The Litho token purchase by GEM signifies commitment in the long-term development of Lithosphere and growth of the Web3 ecosystem.”
The company said in a statement that the funding will enable new product development and global adoption of Lithosphere, while providing a greater number of individuals with the opportunity to add the cryptocurrency to their portfolios.
Lithosphere’s Jot Art Metaverse recently launched a Play-to-Earn RPG – Finesse with in-game items represented by NFTs. Staying true to Lithosphere’s mission of interoperability across all existing blockchains, initially the Jot Art metaverse will support NFTs from Ethereum and BNB Chain (BSC) and in the near future, Jot Art will support additional chains once Lithosphere mainnet launches.
The platform eradicates many of the problems inherent in existing blockchain networks by being the first blockchain to utilize embedded Deep Neural Networks to make smart contracts intelligent and an aim to enable users to work across multiple blockchain networks. That interoperability enables multiple value-transfer methods under a single management structure.
The $400 million funding commitment from GEM to Lithosphere makes a variety of new products and innovations possible. Lithosphere is making a distinctive mark around the world with its artificial intelligence, embedded Deep Neural Networks blockchain technology, and interoperability across multiple cryptocurrency networks – and it’s only the beginning.
LITHO is available on MEXC (LITHO/USDT).
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