AI Market Logo
Login Sign Up
BTC $43,552.88 -0.46%
ETH $2,637.32 +1.23%
BNB $312.45 +0.87%
SOL $92.40 +1.16%
XRP $0.5234 -0.32%
ADA $0.8004 +3.54%
AVAX $32.11 +1.93%
DOT $19.37 -1.45%
MATIC $0.8923 +2.67%
LINK $14.56 +0.94%
HAIA $0.1250 +2.15%
BTC $43,552.88 -0.46%
ETH $2,637.32 +1.23%
BNB $312.45 +0.87%
SOL $92.40 +1.16%
XRP $0.5234 -0.32%
ADA $0.8004 +3.54%
AVAX $32.11 +1.93%
DOT $19.37 -1.45%
MATIC $0.8923 +2.67%
LINK $14.56 +0.94%
HAIA $0.1250 +2.15%
Crypto billionaire invests millions to build Australia’s ChatGPT
artificial-intelligence

Crypto billionaire invests millions to build Australia’s ChatGPT

Ed Craven invests millions in Maincode to develop Australia’s AI rival to OpenAI’s ChatGPT, aiming to boost local innovation.

July 29, 2025
5 min read
Paul Smith

Ed Craven invests millions in Maincode to develop Australia’s AI rival to OpenAI’s ChatGPT, aiming to boost local innovation.

The billionaire founder of online casino giant Stake.com, Ed Craven, is investing millions of dollars into a new artificial intelligence venture with ambitions to become Australia’s answer to OpenAI, the company behind ChatGPT. Craven, whose fortune is estimated at $4.8 billion by the Financial Review Rich List, made his wealth through the controversial gambling platform Stake.com, which uses cryptocurrencies for payment and is illegal for Australian punters. The start-up, called Maincode, aims to develop advanced AI technology locally, competing with global giants by leveraging significant investment and expertise. Maincode’s co-founder and chief executive, Dave Lemphers, acknowledges the challenge of competing with huge US AI companies but remains undeterred. This move reflects a growing trend of Australian entrepreneurs and investors seeking to establish a foothold in the rapidly evolving AI landscape, particularly as AI applications become mainstream across industries. Ed Craven’s investment in Maincode signals confidence in the potential for homegrown AI innovation to thrive despite intense international competition.

What is Maincode?

Maincode is a new artificial intelligence start-up founded with significant investment from Ed Craven, the founder of Stake.com. The company aims to develop advanced AI technology locally in Australia, positioning itself as a potential competitor to global AI leaders like OpenAI.

Who is Ed Craven?

Ed Craven is the billionaire founder of Stake.com, a popular online casino platform that utilizes cryptocurrencies for payments. He is estimated to be worth $4.8 billion.

What is the goal of Maincode?

The primary goal of Maincode is to develop advanced artificial intelligence technology within Australia, aiming to compete with global AI giants and establish itself as a significant player in the AI landscape.

Why is this investment significant for Australia?

This investment signifies a growing trend of Australian entrepreneurs backing local AI innovation, aiming to create a strong domestic presence in the competitive global AI market.

Crypto Market AI's Take

This development highlights the increasing intersection of cryptocurrency wealth and the burgeoning AI sector. As AI technologies mature, entrepreneurs with capital from industries like cryptocurrency are identifying AI development as a key area for future growth and innovation. Ed Craven's substantial investment in Maincode demonstrates a belief in the potential of localized AI development to challenge established global players. This trend is indicative of a broader movement where expertise and capital from the digital asset space are being strategically deployed into cutting-edge technological advancements. For those interested in the broader landscape of AI and its application in finance, exploring resources on AI Agents and Trading Bots and understanding the latest market trends can provide valuable context.

More to Read:

Source: Originally published at The Australian Financial Review on July 29, 2025.