Stargate Finance's Token (STG) Surged by 13% after OpenGate Unveiled an AI Mega-Project of the Same Name Involving SoftBank, Nvidia and Oracle

Stargate Finance's token (STG) has bounded as high as 13% in the past 24 hours, according to data from crypto.news

Stargate Finance’s (STG) native token has surged by 13% following the announcement by OpenAI of an AI mega-project dubbed “Stargate,” which will see the involvement of SoftBank, Nvidia and Oracle.

According to crypto.news, STG has seen a surge of 13% in the past 24 hours, currently trading at $0.38. Despite this gain, the token has experienced a decline of 6% in the past week and a drop of over 13% in the past two weeks.

The announcement of the AI mega-project came only a few hours before, with OpenAI, SoftBank, MGX and Oracle announcing the creation of an AI venture named “Stargate.” The project, as stated by OpenAI and SoftBank in a joint statement, will involve the creation of a new company aiming to invest 500 billion dollars in the development of AI infrastructure, primarily in the United States.

Despite the lack of connection between the two entities, the announcement of OpenAI’s “Stargate” has led to a surge in trading volume for STG, which increased by 53.10% in the past 24 hours, reaching 54 million dollars. This marks a significant increase in recent market activity for the token.

Stargate Finance has a market cap of over 75 million dollars and a fully diluted valuation of 370 million dollars. The protocol serves as a liquidity transport layer within omnichain DeFi, enabling users and dApps to transfer crypto from one blockchain to another, essentially functioning as a cross-chain bridge.

The STG token, native to the Stargate Finance platform, was launched in March 2022 and is available on exchanges such as Binance, MEXC and WhiteBIT.

OpenAI to Launch Stargate Project with Major Industry Players

According to the official statement by OpenAI and SoftBank, the project will be initiated by the companies involved deploying an initial 100 billion dollars of the planned 500 billion immediately.

SoftBank will lead the project’s financial aspect, with the company’s CEO becoming the Chairman of Stargate. Meanwhile, OpenAI will be responsible for the operational aspect, utilizing the funds to develop AI infrastructure, which will be integrated within the system.

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

Other companies participating in the project include Microsoft, Nvidia, Oracle and MGX. The first site for the project will be in Texas, with the team considering other potential locations for future campuses across America.

Oracle, Nvidia, and OpenAI will collaborate on the construction and operation of AI infrastructure within the Stargate Project. Furthermore, OpenAI intends to integrate Microsoft’s Azure in the training of AI models and other services as part of its existing partnership with the tech giant.