Verge (XVG) Surges 17% as Funding Target Is Met, Developers Stall Partnership Announcement
As covered by Ethereum World News, privacy-oriented cryptocurrency Verge (XVG) launched a ‘crowdfund contest’ to help raise 75 million XVG, worth about $3.4 million, so it could establish a “mysterious partnership.” The funding target has now been met, but reports suggest developers are delaying revealing who the mysterious partner is.
Verge’s fundraising appeal claimed that the partnership was with a global organization with a “vast network of super high traffic sites.” They added it could see XVG become one of the top 10 cryptocurrencies as it would be used as a form of payment by “potentially hundreds of millions of consumers daily.”
The funding target was met thanks to another cryptocurrency project, TokenPay, which matched donations until 50 million XVG was met, after donating 15 million itself. Meeting the goal saw the cryptocurrency’s price surge by 17% at press time, as one token is now trading at $0.045.
Shortly after the goal was reached, Verge stated it had “some amazing news to share with everyone.” Hours later, its Twitter account pointed to its lead developer, Sunerok, claiming he would be posting a video about the update “in the morning.” At press time, no video has been uploaded.
VergeDev @justinvendetta will be posting a video about the crowdfund and other news in the morning! Thanks to everyone who helped us reach our goal! #vergefam$XVG
On Reddit, the Verge community is seemingly restless waiting for an upcoming announcement. A now-deleted video shows the cryptocurrency’s developer talking about the update, and claiming the name of the mysterious partner will be announced on April 16, along with a global marketing campaign “the likes of which you have never seen before.”
Initially, the name of the project’s mysterious partner was set to be announced on March 26, or presumably after the target was met. In the video, Sunerok claims the campaign will “change crypto in a really good way.”
The crowdfund is still open, as per the developer any extra funds donated will be used in marketing efforts. Blockchain data shows the community managed to donate 76.2 million XVG, worth about $3.46 million.
On Reddit, one user claimed two threads about the video have been deleted. He theorizes that either something’s up, or the video was released prematurely and the subreddit’s moderators are just keeping things under control. On another thread, a user said:
“There are a lot of questions and expectations going around, again, I get it. But at this point in time we really don’t have any information. Just hold on, and sit tight.”