Verge (XVG)

From MarketsWiki
Revision as of 19:26, 17 January 2021 by ThomThompson2 (talk | contribs)
(diff) ← Older revision | Latest revision (diff) | Newer revision → (diff)
Jump to navigation Jump to search
Verge currency logo.png
Founded 2014
Key People Justin Sunerok, Founder
Twitter @vergecurrency
Facebook Page

Verge is a privacy-focused cryptocurrency. According to the Verge project's website, there is no entity behind the development of the currency. It depends wholly on voluntary contributions of effort.[1] In mid June 2019 Verge (XVG) was the 57th largest cryptocurrency by market capitalization but fell to 92nd place in January 2021, according to CoinMarketCap, an online cryptocurrency industry data aggregator.[2]


Working alone, Verge founder Justin Sunerok (nee Justin Valo and also known as Justin Vendetta) designed and launched DogeCoinDark in 2014. It was later renamed Verge.[3] Its unique selling point was eliminating users IP addresses from the network. [4]


In January 2021 the Verge website listed more than one hundred geographically diverse businesses that accepted payments in XVG. The largely retail firms ranged from entertainment providers to travel and vacation services.[5]

Pumping on porn[edit]

Pornhub, an adult entertainment website, announced on April 17, 2019, that it would accept Verge in payment for its premium services.[6] The relationship was initiated by Pornhub as the result of a search by the firm for a cryptocurrency appropriate to its business.[7]

The introduction of the payment alternative was accompanied by a publicity campaign which involved porn industry stars distributing plastic Verge tokens redeemable for real Verge. It was also reportedly preceded by Verge incentivizing the partnership with donations of the equivalent of more than $5 million.[8]

John McAfee Endorsement[edit]

In a tweet on December 13, 2017, John McAfee, the founder of the eponymously named computer software security company, said, "If you would use your heads you would figure out that the privacy coins (anonymous transactions) will have the greatest future. Coins like Monero (XMR), Verge (XVG), or Zcash (ZEC) cannot lose."[9] Later it was reported that McAfee charges firms $105,000 for each promotional tweet, which comes out to $.13 for each of McAfee's 810,000 followers.[10]

The Verge price went from half of a U.S. cent to $.25 after the tweet. Sixteen days after the initial tweet and after a reported firestorm of controversy about the Verge endorsement, McAfee tweeted, "I recommended Verge when it was less than a penny - saying it might rise 100% to two pennies. The price has been wrongly pumped beyond reason by referencing fake Twitter accounts and Instagrams which I have never had and then I am diss'd when I point out the fraud. Please stop."[11] Shortly thereafter, a large holder of Verge, whose Twitter name is XVG Whale, provided emails that indicated that the endorsement from McAfee had been paid for by XVG Whale and the repudiation of Verge resulted from the deal souring.[12]

McAfee fled the U.S. in early 2019 to avoid charges of criminal tax evasion by tax authorities there.