On Thursday afternoon (PDT), Verge (XVG) announced an update regarding their crowdfunding initiative which was first mentioned last October. Addressed to VergeFam (i.e., their community), Verge called upon their generosity; outlining a range of potential initiatives that would accelerate the growth trajectory of the anonymity-centric cryptocurrency – provided they could afford them.
In a tactic to incentivise donors, Verge announced that should they meet a donation target of 75 million XVG (~US$2.7 million) by Monday, they’d reward VergeFam by revealing “the name of the company” that they’ve allegedly been in talks with.
This mystery company was touted by Verge as being “a global organisation with a vast network of high traffic sites [which] is looking to enter the cryptocurrency market.” According to Verge’s Thursday tweet, the collaboration would mark “the largest partnership in crypto to date!”
Unsurprisingly, such an exciting, speculative statement was reflected in market prices almost immediately, as XVG soared over 30 percent within a matter of roughly 70 minutes, before correcting. This all, of course, came despite a market-wide retraction which saw billions wiped off the respective values of Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP).
It appears that donors ought to get a move on if the Monday deadline is to be met. Indeed, the Verge Wallet address devoted to the crowdfunding campaign has received 16 million XVG (as at 7:14pm PDT); representing just 21 percent of the amount needed to see Verge name the mystery company who they allege are seeking out “a strategic business alliance with Verge,” because they see them as their “preferred form of secure payment method, offering a quick and private means of transaction to hundreds of millions of potential consumers daily.”
Regardless of whether Verge meets their Monday target, there remains the question of how Verge plans to allocate their donated funds.
Whilst Thursday’s announcement provided no definitive answers, the Verge team did outline five areas they’d seen grow in demand “over the past couple of months.” As per their donation page, these were:
Ledger Nano hardware wallet integration and support
Wraith protocol iOS enabled wallet applications
Advanced Marketing tactics which span the globe
Partnerships with large scale companies
Real world adoption
It appears probable that the third and fourth points will be where most of the crowd funding is allocated. Indeed, in the attached image on Thursday’s tweet, Verge detailed how the unknown company “will be utilizing the donations to initiate a massive marketing campaign across multiple networks.”
Those particulars will be divulged in time. In the interim, however, the upcoming weekend will likely see discussion forums flooded with speculation re: the identity of the potential Verge partner. That conjecture may very well end come Monday, but there is still a ways to go before the crowd funding kitty totals 75,000,000 XVG target.
Image From Shutterstock