Cryptocurrency platform and news portal, Bitcoin.com (BTC), has finalized a private token sale for its native VERSE token. Per the platform, Bitcoin.com raised $33.6 million from a consortium of investors and funds, including KuCoin Ventures, Blockchain.com, Digital Strategies, ViaBTC Capital, 4SV, and Redwood City Ventures. The private sale also witnessed participation from thought leaders and influencers Roger Ver, Jihan Wu, and David Wachsman.
On backing the VERSE token, Justin Chou, Chief Investment Officer, KuCoin Ventures, noted, “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.”
In March this year, the Bitcoin.com team first introduced its platform-native rewards and utility token VERSE. As an ERC-20-based cross-chain token, the launch of VERSE aligns with the Bitcoin.com team’s expansionary efforts into other EVM-compatible environments that support more affordable cost structures.
Designed for users who contribute and participate in the Bitcoin.com ecosystem, the public sale of VERSE tokens will begin in June 2022 with only 6% (12,600,000,000 VERSE) of the total supply available for purchase. It will be the first token sale on the new Bitcoin.com Verse Launchpad set to launch simultaneously. VERSE has a fixed supply of 210 billion tokens, slated for distribution over the next seven years on a block-by-block basis. The circulating supply will be managed using staking and incentive awards.
Bitcoin.com currently hosts more than 29 million wallets and over five million monthly active users engaging with the platform’s features. The VERSE token will play a key role in incentivizing Bitcoin.com’s growing user community to buy, sell, spend, swap, invest, and stay informed about crypto. VERSE holders who take advantage of the Verse staking contract are also entitled to accompanying rewards.
The VERSE token resembles existing reward and utility tokens like Crypto.com’s CRO, Binance’s BNB, or FTX’s FTT. In addition, it also includes several features similar to those offered by the native tokens of CeFi platforms like Celsius and Nexo and DeFi platforms like UniSwap and TraderJoe.
Bitcoin.com CEO Dennis Jarvis explains, “VERSE 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.”
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