xTAO Lists Shares on TSXV, Raises $22.8M for Bittensor

xTAO, a public company focused on Bittensor, has received final approval to list its common shares on Canada's TSX Venture (TSXV) Exchange, with shares set to launch on July 23 under the ticker symbol XTAO.U. The company successfully closed a $22.8 million funding round through subscription receipts, backed by prominent digital asset venture capital firms like Digital Currency Group, Animoca Brands, Arca, Borderless Capital, and FalconX. xTAO had its public debut on the TSXV earlier this May. "Our public listing and financing mark crucial milestones for xTAO as we pursue our mission of advancing decentralized AI," said Karia Samaroo, the company's founder. Samaroo, who previously founded and led crypto exchange WonderFi, sold it to Robinhood for $180 million. The company's primary objective is to support the Bittensor ecosystem by fostering valuable developments in data, computation, and machine learning models. xTAO's validator operation will assess product quality and facilitate connections between consumers and businesses. "Bittensor is positioning itself as the 'Bitcoin of AI,' and xTAO is poised to leverage its growth potential via our validator operations and the use of TAO as our treasury reserve asset," Samaroo added. Bittensor, one of the leading projects at the intersection of AI and crypto, is designed around an incentive structure where users enhance AI systems and earn TAO tokens based on their contributions. This model allows open access and coordination of AI efforts without centralized control. "Bittensor provides a vital alternative to centralized AI systems, creating a network with open, user-controlled specialized sub-networks focused on specific, innovative products," xTAO explained in its press release. Barry Silbert, Founder and CEO of DCG, mentioned on The Block's podcast earlier this year that Bittensor's native token, TAO, could become the next Bitcoin. In November, DCG launched Yuma, a subsidiary focused on AI development to support Bittensor. Silbert expressed his enthusiasm for the decentralized AI concept, stating, "I recognized its potential and felt compelled to act after six months of learning about Bittensor and its ecosystem." Disclaimer: The Block is an independent media outlet providing news and analysis. As of November 2023, Foresight Ventures holds a majority stake in The Block. This article aims to inform and should not be considered legal or financial advice.