Bitcoin.com announced today it has completed the private sale for $33.6 million of the VERSE token. The VERSE token will expand the Bitcoin.com ecosystem, allowing users to recoup rewards.
The sale was completed with participation from KuCoin Ventures, Digital Strategies, Blockchain.com and more. Individuals involved include the crypto influencer and entrepreneur Roger Ver, as well as Jihan Wu and David Wachsman.
Following the announcement, Bitcoin.com’s CEO, Dennis Jarvis, said that “since 2015, Bitcoin.com has been a leader in introducing newcomers to crypto and guiding them along their crypto journey. So far, we’ve built an incredible portfolio of products and services that count more than four million monthly active users and thirty million self-custody wallets created”.
Indeed, Bitcoin.com’s growth has been meteoric, and they now place as one of the most well-known companies in the space. The launch of a native token is the next natural step in that growth, and is a well-worn path among the industry – think Nexo, Celsius FTX and more. Jarvis continued that “(VERSE is) a utility and rewards token for everyone who participates in the ready-built Bitcoin.com Verse ecosystem. (It is) user-centric and adds tremendous value across our range of crypto products and services including the Bitcoin.com self-custody wallet app, the Bitcoin.com Exchange, the Verse DEX, Bitcoin.com News, and our upcoming crypto-enabled debit card”.
Jarvis’ quotes show how rapid Bitcoin.com’s expansion has been, and how many different areas of digital currency they are delving into. Exchanges, DEXs, news, debit cards – they are moving quickly, and their growth is impressive. It will be interesting to see if they can stay on the good side of regulators, who have curtailed the progress of other rapidly-expanding companies who move into more than one area, with Binance the most prominent springing to mind.
Looking further into the VERSE token, it does appear to have a lot in common with Binance’s iteration – BNB. Advertised as a utility and rewards token, perks will be offered to encourage Bitcoin.com users to use the token. It is, however, an ERC-20 token – unlike BNB, which runs on Binance’s own smartchain.
The public sale will begin in June 2022, when 6% of the total supply will be sold. It will take place on Verse Launchpad and will be the first token project to launch there – in fact, it will double up as a simultaneous release for the Launchpad, too.
“The next wave of growth in crypto will be led by strong global brands that create real-world products for millions of people. Bitcoin.com will accelerate the development of products and partnerships that expand their reach globally”, Eric Weiss, Managing Partner, Digital Strategies, added.