On July 22, xTAO technology company - focused on the Bittensor ecosystem - 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 trade from July 23 under the stock ticker XTAO.U.
This listing coincides with a capital raise of $22.8 million through the issuance of subscription certificates, with participation from several Venture Capital funds specializing in digital assets such as Digital Currency Group (DCG), Animoca Brands, Arca, Borderless Capital, and FalconX. Previously in May, xTAO announced plans to list on TSXV.
According to Karia Samaroo, xTAO's founder, this public listing and successful funding round are two important milestones helping the company realize its mission of developing decentralized AI. Before founding xTAO, Samaroo was CEO and Chairman of the cryptocurrency exchange WonderFi - which was later acquired by Robinhood for $180 million.
In the latest press release, xTAO emphasizes its core mission of contributing to the Bittensor network by building valuable products such as machine learning models, data, and computing. xTAO's validator operations will be responsible for evaluating the quality of these products and connecting them with consumers and businesses.
Mr. Samaroo stated: "Bittensor is rapidly emerging as the 'Bitcoin of the AI field', and xTAO will be well-positioned to exploit this growth potential through its validator role and the use of TAO token as the company's reserve asset."
Bittensor is currently one of the most prominent projects at the intersection of AI and blockchain. It is a decentralized network built on an incentive mechanism: users contribute knowledge to improve the AI system and receive rewards in TAO tokens corresponding to their contribution level. The system is designed to be open, permissionless, and operates on specialized subnets - each subnet responsible for building a specific AI product.
xTAO believes that Bittensor is becoming an important decentralized AI platform alternative to traditional centralized AI systems, thanks to its open network structure controlled by users.
Previously, in a podcast with The Block, Barry Silbert - founder and CEO of DCG - expressed his belief that TAO token could become the "next bitcoin". He mentioned that he spent 6 months thoroughly researching the Bittensor ecosystem before launching Yuma, DCG's AI-focused subsidiary, to support the development of this network.
Silbert shared: "I am truly fascinated by the idea of a decentralized AI network, a globally connected AI system. If I don't get involved now, I will regret it."
