February 11, 2025
TaoFi, a decentralized finance (DeFi) initiative within the Bittensor ecosystem, has received a strategic investment from Digital Currency Group (DCG). The round also saw participation from Pantera Capital, Taostats, Lyrik Ventures, and other backers. The capital will be used to develop a range of financial tools tailored for the Bittensor EVM, including a stablecoin, a decentralized exchange, and liquid staking options.
The company is working on TAO USD, an overcollateralized stablecoin designed for the network, backed by a mix of real-world assets and TAO. Additionally, TaoFi plans to launch TAO Swap, a decentralized exchange enabling permissionless trading, and stTAO, a liquid staking token for TAO holders. These initiatives are intended to introduce new financial mechanisms within the Bittensor ecosystem, expanding its existing AI-driven infrastructure.
With this investment, TaoFi is advancing efforts to integrate DeFi functionality into Bittensor, focusing on liquidity solutions and decentralized trading. The team plans to use the funding to accelerate development and establish its platform as a key financial layer within the network.
About TaoFi
TaoFi is a DeFi platform focused on developing financial infrastructure for Bittensor. Its product suite includes a stablecoin, a decentralized exchange, and liquid staking solutions, all designed to enhance financial activity within the network.
X: @taofi
About Investor
Digital Currency Group
Digital Currency Group (DCG) is a venture capital firm specializing in blockchain and cryptocurrency investments. Founded in 2015 and headquartered in Stamford, Connecticut, the firm has backed a range of projects in digital finance and decentralized networks.
Location: Stamford, CT
Website: https://dcg.co/
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