Investors Flock to Altcoin Project Backed by Leading Venture Capital Firms
After the AI revolution, investors have turned their attention to projects that blend this exciting sector with cryptocurrency. In a major development, Bittensor, a decentralized AI market, has garnered significant interest from top venture capital companies. Sources revealed to Fortune that Polychain, Digital Currency Group, and dao5 have collectively poured hundreds of millions of dollars into the project’s native token, TAO.
Previously accessible only through mining, mid-tier exchanges, and over-the-counter markets, TAO recently made its trading debut on both Binance and Crypto.com. Jacob Steeves, the visionary founder of Bittensor, shared in an interview with Fortune that the rise of centralized tools from tech giants like OpenAI, Google, and Meta has provided validation for his project. Despite facing allegations of capitalizing on the AI frenzy, Steeves expressed his enthusiasm as a founder, emphasizing the potential of Bittensor.
Dao5, an investment fund established by Tekin Salimi, a former Polychain team member, possesses around $50 million worth of TAO and has been an early supporter of Bittensor’s ecosystem. Additionally, Digital Currency Group (DCG), the influential cryptocurrency empire founded by Barry Silbert, has emerged as another significant investor, holding approximately $100 million worth of TAO. With the backing of these prominent venture capital firms, Bittensor’s altcoin project is poised for further growth and success in the market.