News Summary

Karia Samaroo, co-founder of WonderFi, has launched a new startup, xTAO, which focuses on a decentralized AI network called Bittensor. xTAO has successfully secured $31 million CAD in financing through subscription receipts, marking a significant milestone for the startup. The funding round, characterized as a seed round, was completed through a merger with Vancouver-based Adrianna Ventures and involved multiple digital-asset-focused venture capital firms such as Animoca Brands, Arca, Arche Capital, and others. xTAO has also listed on the TSX Venture Exchange under the stock symbol XTAO.U as of July 22. The company aims to challenge the centralized AI market by incentivizing open and permissionless creation of machine intelligence. This development comes in the wake of Samaroo’s previous ventures, including WonderFi and BitMind, and follows the recent steps by US-based Robinhood to acquire WonderFi for $250 million.