Bitcoin․com Completes VERSE $50M Token Sale, Launches Token on Verse DEX

Bitcoin․com Completes VERSE $50M Token Sale, Launches Token on Verse DEX press release

Bitcoin.com, a digital ecosystem and secure self-custody platform where users can safely and easily interact with cryptocurrencies and digital assets, announced completion of the pre-sale of its rewards and utility token VERSE, where 16% of the total supply was purchased for $50 million.

Bitcoin.com also announced the launch of VERSE trading on its decentralized exchange, the Verse DEX, starting at 00:30 UTC on Dec 8. The initial listing price will be $0.0015 per VERSE.

“The success of the Verse token sale despite severe bear market conditions is a testament to the quality of Bitcoin.com’s ecosystem token,” said Bitcoin.comCEO Dennis Jarvis. “I have no doubt that Verse will supercharge Bitcoin.com’s mission to create economic freedom by helping to onboard millions more people to Bitcoin and decentralized finance where they can take advantage of the benefits enabled by self-custody, transparency, and censorship resistance.”

The VERSE token will provide utility in Bitcoin.com’s ecosystem, which includes over 35 million self-custody wallets created in its multi-chain DeFi-ready mobile app, and an award-winning news portal with over 2.5 million monthly readers.

Verse will also act as a rewards mechanism to encourage positive actions such as taking self-custody of assets. For example, the Bitcoin.comteam launched in November its CEX Education Programthat will reward people affected by centralized crypto company insolvencies while encouraging the adoption of decentralized finance and self-custody. Five percent of the total VERSE token supply is dedicated to the program.

Verse additionally refers to an ecosystem of decentralized applications (DApps) that will guide millions of people on their journey beyond Bitcoin, including into decentralized finance (DeFi), one of the fastest-growing verticals in Web3 today. In that regard, the Bitcoin.comteam launched the Verse Development Fundwhich will accelerate growth and innovation in Bitcoin.com’s Verse ecosystem while empowering projects that embody Bitcoin.com’s ethos of economic freedom and democratized finance. Thirty-four per cent of the VERSE token supply is allocated to the Verse Development Fund with tokens being made available to the fund on a block-by-block basis linearly over seven years.

Developers contributing to Verse through programs enabled by the Verse Development Fund will have access to Chainlink’s price feeds, random number generator, and smart contract automation tools thanks to a partnershipbetween Bitcoin.comand the industry-standard Web3 services platform.

Other strategic buyers in the pre-sale of Bitcoin.com’sVERSE token include Digital Strategies, Blockchain.com, Kucoin Ventures, Redwood City Ventures, Boostx Ventures, and Poly Network.

Bitcoin.com’s Dennis Jarvis added, “The wide range of participants in the Verse token sale means Bitcoin.com can leverage quality networks, infrastructure, and tooling to ensure the Verse ecosystem thrives. Ultimately this will mean more opportunities for people to benefit from the power of decentralized finance.” Tags in this story Bitcoin.com, Verse

  Bitcoin.com

Since 2015, Bitcoin.com has been a global leader in introducing newcomers to crypto. Featuring accessible educational materials, timely and objective news, and intuitive self-custodial products, we make it easy for anyone to buy, spend, trade, invest, earn, and stay up-to-date on cryptocurrency and the future of finance. Crypto Miners in Kazakhstan to Buy Only Surplus Power, Under Digital Assets Bill MINING | 1 hour ago Russia Expects Sizable Increase in Crypto Miners’ Share of Power Usage MINING | 3 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleMad Money’s Jim Cramer Advises Investors to Get out of Crypto — Says ‘It’s Never Too Late to Sell’ Next articleJPMorgan Chase CEO Jamie Dimon Likens Crypto to Pet Rocks — Calls for More Regulation More Popular NewsIn Case You Missed ItDraft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament

A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms