Privacy-oriented cryptocurrency Verge (XVG) recently revealed through Twitter that it’s looking to raise 75 million XVG (about $3 million) from its users, so it can establish the “largest cryptocurrency collaboration to hit the market.”
According to Verge’s fundraising appeal, the bold move may result in a partnership with a global organization that has a “vast network of high traffic sites,” which is looking to enter the cryptocurrency sphere.
Verge’s appeal reads:
“In line with our mission to empower people to bring blockchain transactions into everyday life, we are thrilled to announce efforts to establish the largest cryptocurrency collaboration to hit the market. Help us accelerate this crowdfunding effort and reach our target goal.”
If the goal is met, the team behind the cryptocurrency is set to reveal the name of the large company by March 26. Speaking to The Next Web, a Verge representative revealed that the fundraising is indeed legitimate and noted that “few realize the magnitude of what this deal means for Verge,” as the volume of transactions and stability of ongoing payments the company would provide could “easily push” the cryptocurrency’s value up.
The representative even touted Verge could become one of the top 10 cryptocurrencies, if not one of the top 5. At press time, this means that Verge’s market cap would surge from its current $544 million to at least $3.6 billion.
— vergecurrency (@vergecurrency) March 22, 2018
Social media users responded to Verge’s appeal with a certain degree of skepticism, as raising funds to secure a partnership is rather uncommon. Nevertheless, the cryptocurrency’s team assured them that the funds are needed for the partnership to materialize.
At press time, Verge users have raised a total of 16.4 million XVG, worth roughly $656,000 according to blockchain data. While details about Verge’s potential partnership are somewhat scarce, the cryptocurrency’s team claims it represents an “enormous potential market with a global reach that will compete with multiple fiat currencies.”
Verge’s crowdfund timing
The timing for the crowdfunding campaign may seem a little off. As noted by The Next Web, it comes just one week after Verge’s twitter account got hacked after attackers managed to use leaked Yahoo databases to breach an employee’s account. Only Verge’s social media accounts were compromised at the time.
As covered by Core Media, the cryptocurrency was embroiled in controversy earlier this year as a website allegedly listed users’ IP addresses, implying Verge wasn’t as private as its users would hope.