Locally-based alternative investment group Global Emerging Markets (GEM) has participated in what it KaJ Labs is calling the second largest seed financing round in 2022, according to a statement on the $400 million deal from KaJ Labs, a decentralized research organization focusing on artificial intelligence and blockchain technology.
KaJ Labs is funding the further development of its blockchain platform Lithosphere through the funding arrangement involving Litho tokens.
“The deal structure is in the form of a token subscription facility (TSF), which Lithosphere can draw down by selling Litho tokens to GEM,” the statement explained.
“The funding enables new product development and the global adoption of Lithosphere, while providing a greater number of individuals with the opportunity to add the cryptocurrency to their portfolios.”
Locally-domiciled cryptocurrency exchange FTX similarly raised $400 million earlier this year.
Founder of KaJ Labs Joel Kasr said in the statement that the token purchase by GEM represents a long-term commitment to the development and growth of both Lithosphere and Web3.
“Lithosphere is a user-owned and controlled network and these funds will fuel even more community-led innovation, Kasr said.
“This $400 million purchase of Litho is for all of us who are helping to build Lithosphere. We welcome you to come build with us.”
The statement explained that the funding, while being used to expand the Lithosphere, will also help to expand the number of people holding the Litho cryptocurrency in their portfolios.
“Lithosphere’s Jot Art Metaverse recently launched play-to-earn role-playing game ‘Finesse’ with in-game items represented by NFTs,” the statement said.
“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 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.”
KaJ Labs said Lithosphere is unique in its use of artificial intelligence, embedded deep neural networks, blockchain technology and interoperability across multiple cryptocurrency networks.