TAO Important Signal: xTAO is listed on the TSX Venture Exchange in Toronto, raising $22.8 million to develop the Bittensor system.

xTAO Technologies, a publicly traded company focused on the Bittensor (TAO) ecosystem, announced that it has received final approval for its common shares to be listed on the TSX Venture Exchange in Toronto, Canada. The company’s shares will begin trading on July 23.

With this listing, xTAO has completed a round of financing totaling $22.8 million through the issuance of subscription receipts. Participants in this financing round include a series of venture capital funds in the digital asset field, such as Digital Currency Group (DCG), Animoca Brands, Arca, Borderless Capital, and FalconX.

Prior to this, xTAO had conducted an IPO on the TSX Venture Exchange (TSXV) in Toronto this May.

The founder of xTAO, Karia Samaroo, stated: "This listing and financing is an important milestone in xTAO's journey to achieve its mission of developing decentralized artificial intelligence."

Samaroo is the founder, CEO, and president of the cryptocurrency exchange WonderFi, which was later acquired by Robinhood for $180 million.

In the press release, xTAO emphasized that its core goal is to contribute to the growth of the Bittensor ecosystem by creating 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 it with individual and enterprise customers.

Samaroo added: "Bittensor is rapidly rising as the 'Bitcoin of Artificial Intelligence', while xTAO fully leverages this growth potential through its validator activities and by using TAO as the reserve asset for its treasury."

Bittensor is one of the most outstanding projects at the intersection of artificial intelligence and cryptocurrency. It adopts an open incentive model: anyone can contribute to the network by improving the artificial intelligence system and receive TAO token rewards based on the utility of their contributions. This network is decentralized, permissionless, and organized into dedicated subnets for the creation of unique artificial intelligence products.

xTAO stated in a press release: "Bittensor is becoming an important alternative to centralized AI systems, featuring a user-operated network and dedicated subnet architecture."

Earlier this year, DCG founder and CEO Barry Silbert stated in an interview with The Block podcast that he believes Bittensor's TAO token has the potential to become the "next Bitcoin."

In November last year, DCG also launched its artificial intelligence subsidiary Yuma to support the development of Bittensor.

"I am deeply attracted to the ambition and vision of a global decentralized artificial intelligence network—the concept of a 'Global AI Network' resonates with me," said Silbert.

He continued, "I spent six months researching Bittensor and understanding its ecosystem. I believe it has the same potential as Bitcoin, and I know that if I do not take action, I will regret it immensely."

Today (22nd) in the Asian afternoon session, TAO is currently priced at 435.86 USD, with a daily increase of nearly 2%.

(Source: CoinMarketCap)