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Verge 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.

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 $34.6 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.”

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Verge Launches ‘Crowdfund Contest’ in Bid to Establish Mysterious Partnership

Privacy-oriented cryptocurrency Verge (XVG) recently asked its users for 75 million XVG (worth about $3.19 million) so it could establish the “largest cryptocurrency collaboration to hit the market.” To incentivize donations, it now launched a ‘crowdfund contest’ that’ll reward users who donate specific amounts of XVG.

According to Verge’s fundraising appeal, the funds are needed to secure a partnership with a global organization which a “vast network of super high traffic sites.” The deal would, according to Verge, see XVG become a preferred form of secure payment to “potentially hundreds of millions of consumers daily.”

In an attempt to incentivize donations, Verge’s team recently launched a ‘crowdfund contest’. The contest will reward users who donated 2,500 XVG, 5,000 XVG, and the first 10 to donate 75,000 XVG.

Those who donate 2,500 ($106.5) will get a chance to be one of 25 winners who’ll be able to win one of several prizes. These include 20 minutes with the cryptocurrency’s founder, artwork created by him, or a signed XVG coffee mug. A donation of over 5,000 XVG ($213) will get donors on Verge’s donor page.

The first to donate 75,000 ($3,195) or more XVG will reportedly received a special thank you note, and a chance to have a skype call with the cryptocurrency’s founder.

Notably, in a recently released video announcing the crowdfund contest, the possibility of the deal failing for not reaching the 75 million XVG goal is put forth. In that case, the video notes, donated fund will be used to fund other development initiatives.

If the goal is indeed met, the name of the company Verge will be partnering with will be revealed tomorrow, March 26. According to a Verge representative who spoke to The Next Web, the deal could see XVG become one of the top 10 cryptocurrencies, if not one of the top 5.

At press time, Verge’s blockchain explorer is seemingly inaccessible. Data suggests users donated over 18 million XVG, worth about $761,000. TokenPay, another cryptocurrency project, notably claims to have donated 15 million XVG.

Reports suggest TokenPay is considering covering the rest of the amount needed to meet the 75 million XVG goal. On Reddit, most users are calling on whales with large XVG holdings to contribute as well.

The crowdfund contest winners will be selected before March 28. Those who contribute will have to prove they did so to be eligible, by sending a screenshot of their donation to the cryptocurrency’s team.