Stargate crypto up 13% as OpenAI announces $500b AI project

Stargate Finance’s token soared 13% after OpenGate unveiled a mega AI project of the same name involving SoftBank, Nvidia and Oracle.

The Stargate Finance token (STG) reached 13% in the last 24 hours, according to data from crypto.news, the. The token is now trading at $0.38. However, the token has seen less than stellar numbers, falling 6% over the past week and more than 13% over the past two weeks.

This unexpected leap occurred just hours after OpenAISoftBank, MGX and Oracle announced its intention to create a AI-a targeted company called “Stargate”. According to the joint study by OpenAI and SoftBank statementThe Stargate project is supposed to be a new company that aims to invest $500 billion to develop AI infrastructure primarily in the United States.

Although unrelated to OpenAI’s upcoming project, Stargate Finance’s trading volume surged 53.10% to $54 million in the past 24 hours, indicating a significant increase in recent market activity. Stargate Finance has a market capitalization of over $75 million and a fully diluted valuation of $370 million.

Stargate Finance is a liquidity transport protocol based on the DeFi omnichain. The platform allows users and dApps to make cryptographic transfers from one blockchain to another, acting as a bridge between chains. The Stargate Finance token, STG, was launched in March 2022 and is listed on Binance, MEXC, and WhiteBIT.

OpenAI to launch Stargate project with key industry players

According to the official statement from OpenAI and SoftBank, the companies involved will launch the $500 billion Stargate project by immediately deploying an initial $100 billion.

SoftBank will be in charge of the financial aspect of the project, with SoftBank’s CEO serving as Stargate’s chairman. On the other hand, OpenAI will assume operational responsibility, using the funds to develop AI infrastructure integrated into the system.

“This project will not only support the reindustrialization of the United States, but also provide a strategic capability to protect the national security of America and its allies,” OpenAI and SoftBank wrote in a joint statement.

Other companies involved in the project include Microsoft, NvidiaOracle and MGX. The first project site will be established in Texas while the team considers other potential locations for future campuses across America.

Oracle, NVIDIA and OpenAI will work to create and operate AI infrastructure within the Stargate project. Additionally, Open AI plans to involve Microsoft’s Azure in AI model training and other services as part of its ongoing partnership with the tech mogul.