PRESS RELEASE. Bitcoin.com, a digital ecosystem and secure self-custody platform where users can accessibly and safely interact with cryptocurrencies and digital assets, is launching the Verse Development Fund, an initiative to accelerate growth and innovation in Bitcoin.com’s Verse ecosystem. In addition, the fund will empower projects that embody Bitcoin.com’s ethos of economic freedom and democratized finance.
“Since 2015, Bitcoin.com has been a leader in introducing newcomers to crypto and guiding them along their digital asset investing journeys,” said Bitcoin.com CEO Dennis Jarvis. “So far, we’ve built an incredible portfolio of products and services used by over 4 million individuals monthly. The Verse Development Fund will be the instrument by which we leverage this diverse and passionate community’s energy into building an even stronger ecosystem with even more popular appeal.”
The fund, which will start accepting grant applications from developers and other ecosystem participants in Q1 2023, will begin by focusing on Decentralized Applications (dApps), integrations, projects, and events that support Bitcoin.com’s Verse community.
VERSE, Bitcoin.com’s rewards and utility token, is a cross-chain token built on the ERC-20 standard and designed with broad EVM compatibility. VERSE will be integrated into Bitcoin.com’s suite of products, enabling individuals to receive rewards for buying, selling, spending, swapping, and staying informed about crypto.
“The VERSE token, and therefore the entire Verse ecosystem, adds tremendous value by incentivizing uptake of Bitcoin.com’s products and services, building loyalty, and nudging people to dive deeper where there are more opportunities to benefit from the economic freedom enabled by decentralized finance,” said Lizzie Eng, Lead for the Verse Development Fund. “The resources made available by the fund will spur innovation and growth within the Verse, and broader Bitcoin.com communities, making it even more valuable to the people who use it.”
The VERSE token will launch in Q4 of 2022 following the public sale in November.
The fund draws its resources from the VERSE token supply. Strategic buyers, including Digital Strategies and Blockchain.com, purchased 10% of the VERSE token supply for $33.6 million in a private sale completed in May this year, as reported by Bitcoin.com News. Thirty-four per cent of the VERSE token supply is allocated to the Verse Development Fund. Tokens are made available to the fund on a block-by-block basis linearly, over seven years.
The key components of Bitcoin.com’s ecosystem include,
- its award-winning news portal with over 2.5 million monthly-active readers;
- user-friendly self-custodial multichain Web3 wallet, comprised of over 34 million wallets; and
- The multichain Verse DEX: a permissionless exchange where anyone can earn a share of trading fees by funding liquidity pools.
Developers and other ecosystem participants can stay up to date on the Verse Development Fund grant application process by visiting https://getverse.com/fund/.