Bitcoin.com Raises $33.6M Through a Private Token Sale

Cryptocurrency exchange and crypto wallet provider Bitcoin.com just raised $33.6 million through a private sale of the VERSE token, The Block has reported.

Participants in the token sale reportedly include Digital Strategies, KuCoin Ventures, Blockchain.com, ViaBTC Capital, Redwood City Ventures, 4SV, BoostX Ventures, as well as Roger Ver, Jihan Wu and David Wachsman as private investors.

According to Bitcoin.com, VERSE is an ERC-20 cross-chain utility token and a government asset. Its functions on Bitcoin.com are comparable to the native coins on the Crypto.com (CRO), Binance (BNB) and FTX (FTT) platforms.

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The asset issuance will amount to 210 billion VERSE tokens over seven years in equal batches.

Notably, 15% of the tokens will go to the project team, 34% to the development fund, while 35% will presumably go to incentive programs in the ecosystem. The remaining 16% of the VERSE issue is for sale.

The company intends to conduct a public sale of 12.6 billion coins (6%) in June.

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