Verge (XVG) has been on the news and press lately with the recent reports of a crowdfunding through the VergeFam, or Verge community. Justin Vendetta, also known as Sunerok, the lead developer of this privacy based coin, announced through the Larry and Joe show on YouTube that a major partnership is on the horizon. This partnership is said to change the whole cryptosphere and Verge community will be more than pleased of such a large partnership. In his words Sunerok promised the partnership is already done and only a non-disclosure agreement stands in the way of making the news public.
“Everybody that’s been in Verge waiting for this is going to be really happy. There’s no way to be unhappy about the coin that you love entering a gigantic market exclusive adoption…I know it’s going to be exclusive for a long time.”Justin Vendetta, founder of Verge (XVG)
Verge (XVG) has been on the rise even after a bug in the system enabled a hack that mined over $280,000 worth of XVG per hour from the system. With the coin trading at $0.15 at the start of the year, a bear run in the whole cryptocurrency market earlier this February caused XVG to tumble to less than $0.04 in a week. The coin has since seen a turn of fortune after this recent announcement. The coin currently trades at $0.083, a 100% increase since the announcement was made.
As we wait for April 16th, when this ‘mysterious’ partner will be revealed officially, we look at possible companies that “will change the world as we know it.” This is in no way an exhaustive list as any top company might be a contender. However, Verge investors and the VergeFam in general expect a huge announcement and anything contrary to this will have hurt their confidence and lower their expectations on any future announcements.
- TokenPay / German bank
This is a selection based solely on the available information till now. TokenPay announced on their Twitter feed of a meeting between Verge, an unidentified German bank and their CEO. This meeting was meant to discuss a deal to produce debit cards to both TPAY and XVG customers.
A partnership involving two cryptocurrencies that are not in any way associated in development is always a positive step in this embryonic stage cryptocurrencies are in. The addition of a German bank, maybe one of the largest in Germany or even Europe is also a big addition to the currency.
However most users on Reddit questioned the legitimacy of this meeting being the long awaited partnership. Some of the reasons were as follows;
- Verge has no need for a debit card given its use in ensuring all transactions are private. Why would then this be the major announcement?
- This ‘mysterious’ German bank does not yet qualify to be a major announcement given dozens of cryptocurrencies have already partnered with banks.
- This partnership was long known before Justin even made the announcement, non-disclosure terms would not be applicable in this case.
- Amazon, EBay or Alibaba
My first hint at choosing any of these partnership is how big the impact will be in case of a partnership. This section focuses on the biggest online markets that would be easily integrated with XVG. The Verge network currently is one of the fastest, most scalable and most renowned cryptos out there. These qualities make it very favorable for adoption to any of these three mega companies.
Amazon is my pick with the rest miles away in the payment system networks. Amazon, already with the Amazon Pay system would only need to integrate Verge payments which is much simpler that starting a whole new payment system.
However, Verge still faces a huge problem as it is private and a lot of regulation will need to be set to ensure the token is not used for illegal activities on the platform.
Any company at the moment with a wide market reach and huge financial backing is a contender to this mysterious partnership. Others include already existing payment systems such as PayPal and LitePay. PayPal has shown great interest in the crypto market and seeing it partner with Verge (XVG) would be a revelation to many.
I will unfold all the drama and end the suspense this coming week on April 17th when all information is disclosed by the Justin and the Verge community. Stay tuned to this two part series on ‘Which partnership will Verge choose?’ next week for part 2.