XVG may be pretty glad to see the back of April. Their successes are certainly up for debate.
In case you have forgotten, or in case you have somehow avoided the internet for 3 weeks, let me remind you quickly of the Verge saga.
At the end of March, Verge ran a huge crowd funding campaign which was designed to fund a partnership deal. The deal promised to be the biggest thing to ever happen to cryptocurrency
in terms of real world adoption. This then led to a mid-April announcement date. In the weeks between the funding success and the announcement, XVG saw some huge gains, growing from a mid-March value of $0.032 up to a satisfying $0.101 just prior to the announcement.
When the announcement came, disappointment took over. PornHub, the official partners of the XVG privacy coin. Okay, many people felt a little let down by this, mainly on the basis that PornHub retains a very specific market and that overall, in terms of adoption this isn’t bringing XVG into the mainstream. Because of this, people dropped out, they sold off and they backed away, thus the value of XVG plummeted.
A few weeks later and things now look to be on the up for Verge, after stooping to $0.061 after the announcement, at the time of writing XVG now stands at $0.082 and is up 22.12%. The impressive performance of XVG may be down to the fact the destruction caused by the PornHub announcement has now tailed off and, in fact, more people are now buying the currency
to use it to pay for their PornHub subscriptions. We predicted that this would be the case, whilst Verge have lost one market of disgruntled ex-fans and investors, a brand-new wave of customers has been introduced to a currency that can assist them in their endeavours.
Well, now, interestingly, new reports are out which point towards a potential Verge x Spotify partnership. Something which might indeed, get the old fans re-thinking their stance. In an open letter to the Spotify Community ‘New Ideas’ forum, Dan, a ‘volunteer for Verge’ has written a statement which offers Spotify and its community to formally evaluate XVG in the hope that Spotify see it as a suitable fit to their platform.
Don’t believe me? Have a look for yourself here- https://community.spotify.com/t5/Live-Ideas/All-Platforms-Partnership-Payments-with-Verge-XVG-Cryptocurrency/idi-p/4462772
The post, outlines the success of the PornHub/Mindgeek partnership and discusses how XVG can enable Spotify’s customers to pay for subscriptions directly from their banks. The post then links to Verge’s website, GitHub and then Verge’s black-paper.
The post concludes as follows:
“I do hope you find this suggestion to be important and note that we are scouring the internet to find any and all available resources at our disposal to ensure that consumers will be able to take advantage of our new found partnership and the benefits it entails. This is a monumental accomplishment for cryptocurrency in general and chance to expose hundreds of millions of new users to cryptocurrency. There is no time like the present to jump on this huge business opportunity.
Thank you for your time and consideration.”
The comments on the post from the Spotify community seem to favour this approach from Verge, with many people already discussing the inherent advantages of this.
The platform on Spotify encourages users to vote for their favourite new ideas, according to Verge, who have retweeted this tweet, on the 26th
of April the post by ‘Dan’ topped over 45,000 other ideas and was voted as the favourite.
Clearly, this is something a lot of people want. Of course, it would also boast some great advantages for Verge and XVG and would no doubt see the value of the currency shoot up. It does look as if the PornHub saga is drawing to a close, people have accepted it and moved on. PornHub will not ensure that XVG always has a purpose.
Could Spotify really be the next step for Verge, or, is this just another clever hype mechanism designed to recover from of Verge’s lost reputation?