The technology company xTAO – a publicly traded enterprise focused on the Bittensor (TAO) ecosystem – has just announced that it has received final approval to list its common shares on the TSX Venture Exchange (TSXV) of Canada. The company's shares will officially trade from July 23 under the code XTAO.U.
Along with this listing, xTAO has completed a funding round worth $22.8 million through the issuance of subscription receipts, with participation from several venture capital funds in the digital asset space such as Digital Currency Group (DCG), Animoca Brands, Arca, Borderless Capital, and FalconX. Previously, xTAO conducted an IPO on the TSXV in May this year.
"This public listing and fundraising are significant milestones for xTAO in realizing the mission of advancing 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 its primary 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 quickly emerging as the 'Bitcoin of the AI space', and xTAO is well-positioned to leverage 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 contributions. 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 specialized subnet models," xTAO wrote in the statement.
In an interview with The Block's podcast earlier this year, DCG 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 last November.
"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 spent six months studying Bittensor and understanding this ecosystem. I think it has similar potential to bitcoin, and I know I would regret it if I didn't act."