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Just What is Going on With Verge (XVG), Ledger and the Payments to Binance?

businessman scratching his head

With their partnership announcement now just days away, the attention of the cryptocurrency community has again turned to Verge (XVG), this time to explain why significant amounts of XVG have been transferred to cryptocurrency exchange Binance. The XVG was raised in a crowdfunding campaign, apparently needed to secure a partnership so significant it will “change the face of crypto”.

The Verge team have claimed that the transfer is to pay for an integration with hardware wallet Ledger. However Ledger have denied that any arrangement such plan is in place.

Ledger Integration?

Speculation really took off after a tweet from well known cryptocurrency player WhalePanda, who suggested that the money raised for the much-hyped partnership was at least partially to pay for an integration with the Ledger wallet.

Fred de Villamil, VP of Engineering at Ledger, responded, “except there is no partnership nor planned integration with us”. Since then he has spent much of the weekend reiterating this position in response to tweets from the VergeFam.

Noting thatwe don’t even charge anymore to add coins”, he nevertheless confirmed that initial talks had taken place with Verge about an integration.

Verge’s Response

The Verge team are saying that they have never claimed an existing relationship with Ledger and instead were planning to restart the conversation with the wallet-provider after Tuesday’s partnership announcement.

PhanTi of Verge’s Core Marketing Team said that the XVG transfers are innocent and that they had “started to move the donation funds to the upcoming partners wallets”. Post-announcement they will “be working on Ledger integration”. He confirmed that Verge, “didn’t talk to Ledger so far” but that the team “separate the funds for the single projects” and that “ledger is secondary this weekend”.

Verge’s official Twitter account backs this up.

Sunerok, or Justin, Verge’s chief developer, took to Reddit to fight the speculative fires. Describing the speculation over the transfers as “fud” by “trolls” he said that Verge had “announced funds were being sent to cover marketing costs and ledger, the day before they were even sent” and that he “thought that was being pretty transparent and fast with communication”.

Support for Justin has come from Derek Capo, CEO of TokenPay, which contributed a substantial amount to Verge’s crowdfunder. Capo said that he has “known the lead dev [i.e. Justin] for a while and and we would never have committed such a significant amount if we feel we did not trust him.”

As is becoming increasingly the case with Verge, the community is split with each side only seeing what it wants to. For one side this is yet more evidence of Verge’s shady business practices. For the other, this is another example of a FUD campaign waged by jealous or paid-off supporters of Verge’s rivals.

Prices are down a little over the weekend but at time of writing XVG is still trading over $0.09.

One thing is for sure: everyone who has an opinion on Verge, whether they’re on the FUD or the SCAM side, will be listening carefully on Tuesday to the partnership announcement.

Image From Shutterstock

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