As more blockchain service providers explore adding tokenomics to their offerings, cryptocurrency portal Bitcoin.com has unveiled registration for the public sale of its own native token, titled VERSE.
An ERC-20 token, VERSE acts as Bitcoin.com’s native utility token, driving value for the platform’s participants who undertake multiple ecosystem activities. As a provider of exchange services, crypto wallets, news, and education, Bitcoin.com will distribute VERSE tokens to participants engaging with Verse DEX (decentralized exchange), staking the utility token, and collateralizing lending pools with VERSE.
Users can earn VERSE tokens by buying, selling, and swapping cryptocurrency through the platform, making purchases in cryptocurrency, redeeming cashback, and engaging with the platform’s educational materials. Moreover, token holders are also entitled to special products and services available from the ecosystem.
While the public sale is slated to begin in late June, becoming the first to be sold on the VERSE Launchpad, Bitcoin.com has opened up public registration to users, except for US-based purchasers who are ineligible to participate. Token buyers with ERC-20 compatible wallets can sign up through the Verse website for whitelisting. The public sale will accept Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Tether (USDT), and USD Coin (USDC).
Per Bitcoin.com CEO Dennis Jarvis, “we could not be more excited about bringing our second token sale to the public and providing more people with access to VERSE. This new utility token marks a crucial milestone for the Bitcoin.com ecosystem. It will enable us to enhance the mainstream appeal of cryptocurrency and blockchain through our buy/sell services, news coverage, and educational tools.”
VERSE To Harness Community’s Adoption Momentum
Although a newer addition to the Bitcoin.com platform, VERSE has gathered a noteworthy following, with nearly 25,000 members between its Discord and Telegram channels. This is not to mention the 5 million monthly active users already immersed in the ecosystem and more than 30 million cryptocurrency wallet downloads to date.
With a fixed supply of 210 billion tokens to be minted in total, Bitcoin.com has already outlined sale allocations and the strategic initiatives complementing its upcoming VERSE sale. Of the total, 10% (worth $33.6 million) were sold in May to investors including, Blockchain.com, Digital Strategies, Jihan Wu, KuCoin, and Roger Ver.
Out of the aggregate amount of VERSE set to be released over the next seven years, 6% will be allocated to the upcoming public sale, 15% is designated for the Bitcoin.com team, 34% will go towards future ecosystem development, and the remaining 35% will be assigned as an incentive to drive ecosystem initiatives. Alongside these allocations, the Bitcoin.com team aims to improve the user experience further by evaluating opportunities to join other EVM-compatible networks that benefit from more affordable cost structures.