xTAO is listed on TSXV, raising 22.8 million USD to develop the Bittensor network.

The technology company xTAO – a publicly listed enterprise focused on the Bittensor ecosystem (TAO) – has just announced that it has received final approval to list its common shares on the TSX Venture Exchange (TSXV) in Canada. The company's shares will officially start trading on July 23 under the ticker XTAO.U.

Along with this listing, xTAO has completed a funding round worth 22.8 million USD through the issuance of subscription receipts, with participation from a number of venture capital funds in the digital asset sector such as Digital Currency Group (DCG), Animoca Brands, Arca, Borderless Capital, and FalconX. Previously, xTAO conducted an IPO on the TSXV exchange in May this year.

"The public listing and fundraising this time are important milestones for xTAO in the journey to realize the mission of developing decentralized AI," said xTAO founder, Karia Samaroo.

Samaroo was the founder, CEO, and Chairman of the cryptocurrency exchange WonderFi – a company that was later acquired by Robinhood for $180 million.

In the press release, xTAO emphasized that the main goal is to contribute to the development of the Bittensor ecosystem by building valuable products such as data, computing power, and machine learning models. In addition to operating validators, xTAO will also take on the role of assessing product quality and connecting them with individual and business customers.

"Bittensor is rapidly emerging as the 'Bitcoin of the AI space', and xTAO is well-positioned to capitalize on this growth potential through validation activities and using TAO as a reserve asset in the treasury," Samaroo added.

As one of the most prominent projects at the intersection of AI and crypto, Bittensor operates on an open incentive model: anyone can contribute to the network by improving the AI system and receive rewards in TAO tokens based on the usefulness of their contribution. This network is decentralized, permissionless, and organized into specialized subnets that create unique AI products.

"Bittensor is becoming an important alternative to centralized AI systems, with a network operated by users and structured as a specialized subnet model," xTAO wrote in a statement.

In an interview with The Block's podcast earlier this year, DCG's founder and CEO, Barry Silbert, stated that he believes Bittensor's TAO token has the potential to become the "next bitcoin." DCG also launched Yuma, a subsidiary focused on AI to support the development of Bittensor in November of last year.

"I am truly captivated by the ambition and vision of a global decentralized AI network – this concept of a 'global AI web' really resonates with me," Silbert said. "I have spent 6 months researching Bittensor and understanding this ecosystem. I believe it has similar potential to bitcoin, and I know I will regret it if I do not take action."

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