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Verge [XVG] crowdfunding to reveal a mystery partnership – Spikes up by 12% overnight

Sthuthie Murthy

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Verge [XVG] crowdfunding to reveal a mystery partnership - Spikes up to 12% overnight
Source: Pixabay

One of the currencies that started with major gains this week, Verge [XVG] is currently trading at $0.046. The coin managed to rise up from the market dip with almost 50% gain over the week. The entire market is in red again while Verge is beaming in green with the highest increase.

It is ranked 26th with a market capital of $690,780,660. The coin is still observed to be increasing with great margins as seen at press time.

The reason behind this gain by XVG: asking for donations as an exchange to reveal some mystery partnership. The development team made this major announcement last week attracting many investors’ attention.

Last week Verge had tweeted on its official account about this campaign launch and mentioned that they need to collect funds in order to be able to implement some important elements regarding the system.

Many of the investors hooked while some showed negative surprise through Reddit threads. They were confused about the reason for XVG to be in need of donations, while the market already has many other low profile coins sitting quietly not requesting funds. The team has not opened up and has kept things unclear to date.

XVG tweeted earlier about the mystery partner being unveiled only if they are successful in collecting 74 million XVG within 4 days.

Verge's announcement

Verge’s announcement

Just after the announcement, XVG started rising rapidly. The value has been going up dizzily with the announcement revealing that the ‘mystery partnership is the biggest in the crypto world until today’.

McCollin, a Redditor commented:

“Let me get this straight, the whole crypto-verse just watched Verge ask for 75 million XVG as donations for the biggest crypto deal in history. They said they will tell us when the funds are raised. Then the lead dev says he will do it in the morning. The entire crypto-verse is watching XVG. What is happening here? Are we being fooled?”

Anthony, a Twitter user said:

“Criticizing XVG might be risky because the coin is actually worth a lot technically. They should keep partnerships transparent to the public and not leave us in such chaos. This is least expected from them. We only hope it turns out to be something positive.”





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Sthuthie Murthy is a full-time reporter at AMBCrypto. She has been researching and writing about the Blockchain technology for a year now. Her passion for blockchain has led her to be a part of AMBCrypto's news reporting team. She does not hold value in any cryptocurrencies currently.

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Facebook’s Libra is a double edged-sword, but will benefit Bitcoin, says Caitlin Long

Priya

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Facebook's cryptocurrency Libra is a double edged-sword, but will benefit Bitcoin [BTC], says Caitlin Long
Source: Unsplash

On 18 June, the world’s biggest social media platform, Facebook, introduced its new cryptocurrency, Libra, set to launch in the first half of 2020. The coin that would have its own blockchain will be backed by several sovereign currencies, and these reserves would be managed by the Libra Association. The association will also be engaged in several other key activities, which would focus solely on the development of the Libra ecosystem.

Notably, the coin has brought together major players in both the financial and technology industry including, MasterCard, Paypal, and Coinbase. Despite such strong backing however, the concept of the coin was soon shot down by several influencers and government authorities.

The French Minister of Finance and Economy, Bruno Le Maire, released a statement asserting that Facebook’s digital currency becoming a sovereign currency was “out of question,” adding that “it can’t and must not happen.” Along with this statement, the Finance Minister also raised concerns about money laundering and terrorism funding and urged G-7 countries Central Bank Governors to draft a report on the new “global currency” for their meeting in July.

Further, Facebook’s cryptocurrency is also facing hurdles in its native country. Maxine Waters, Chair of the House Financial Services, has requested the social media giant to hit the pause button on the development of Libra, until Congress and regulatory authorities hold a discussion on the digital currency. This request was put forth mainly because of the firm’s “troubled past.”

In an interview with WhatBitcoinDid, Caitlin Long, Co-founder of the Wyoming Blockchain Coalition, stated that Libra had its pros and cons, adding that it was a “double-edged sword.” However, the blockchain evangelist continued to assert that this was going to benefit Bitcoin, stating that the social networking platform was “making cryptocurrency a mainstream word.” She added that Facebook would introduce the concept of digitally scarce money to people and that these people would look for the best cryptos that would retain the most value over time. That crypto was going to be Bitcoin, she said.

Long stated,

“This is a detour kind of like Andreas analogy, it’s the intranet before internet. We’ve even seen it in this industry, it’s blockchain not Bitcoin but people are coming full circle back around to Bitcoin. These are detours that are ultimately helpful to gaining adoption and wider support, but they’re not where we end up and I think we will end up in Bitcoin.”

Further, Long was asked whether Libra was going to be its own currency, considering it will not be pegged to a specific currency, but several fiat currencies. To this, she stated that Libra was indeed going to be a currency of its own, similar to Bitcoin. She stated that it was going to function like a “central bank,” remarking that it would be a “private version of a central bank.” Long went on to add,

“They’re going to be managing reserves against the liability. For them it will be the people who own the coins and they will be managing the reserves against that […] they are going to be marketing this in the developing world, this is going to be a developing world concept probably more than a developed world concepts […] so my guess is this is mostly an emerging market phenomenon secondarily a European phenomenon and lastly a U.S. phenomenon.”





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