In the middle of its transformation to a privacy coin, Verge (XVG) has diverted its attention to join Binance in an effort to assist flood victims in Japan. This comes at a time when the coin price has taken a nosedive. The coin seems to be shedding its gains soon after inking a partnership with Mindgeek Inc.
Despite investors overlooking the Mindgeek collaboration that saw the coin shed about 150% soon after the announcement; Verge appears to have gained some mileage in new markets with the introduction of new privacy features. Mindgeek owns PornHub and Blazzers both of which are adult online sites and the results of the much hyped partnership still remain a mirage to date.
Verge (XVG) to Support Japanese Flood Victims
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The VergeFarm or Vergecurrency family has been very supportive in giving out donations to needy causes and this time, Verge (XVG) is sourcing for funds to help victims of torrential rains that has hit West Japan leaving several people dead, homeless and others missing. At the time of reporting, over 112 Japanese have been reported dead.
The number of those missing and displaced remains unknown; however, the latest reports indicate that homes have been destroyed and over 5.9million residents of the disaster zone have been warned to move to safer grounds as rescue operations continue. The Fire and Evacuation Management Agency (FEMA) says over 24,000 have been accommodated in various evacuation points.
Verge, through their twitter handle is requesting donation from well-wishers and crypto enthusiasts. More emphasis has been put on Verge lovers and this appears to target the ever supportive VergeFarm:
“A call to unite all communities as a global #crypto family. Let’s come forward to support @japan. Verge currency will donate all funds to @binance’s effort to support the disaster.”
Binance Initiates Donation Call
The request for support comes moments after Binance exchange donated a total of $1million to the Japanese flood victims with the same call for the crypto verse community to join hand and donate. Verge and Binance have a huge support base and their humanitarian efforts appear to draw a lot of support from their fan bases.
While making the announcement, Binance said:
“To help out the victims in West japan that were affected by heavy rains on 7/7/20018, Binance is donating $1,000,000 USD and calling for our crypto friends and partners to join us in the relief initiative.”
Binance gesture is seen b outsiders as an effort to list more coins and tokens as per their closing remarks:
“Exact logistics will be figured out shortly. Reply to this thread or let me know if you (ur project) want to donate. Bonus points for future listing requests. And we may count your donations towards the listing fee. Listed projects, you know what to do.”
Donations have to be channeled through Binance exchanges addresses and small or news coins might get a listing nod should they be willing to donate with the SpydrZero, owner of Skorch Token coming first. This could not have come at a better time and the anticipated listing on Binance will give Verge (XVG) more pairing and increased market exposure and this could give the coin a price surge soon after the donations.
Verge (XVG) Price Drop
There has been a lot of speculation in the market and the inaccurate predictions have seen prices tumble. With increased negative news and hacks being reported since the beginning of the year, investor confidence remains at its lowest and Verge (XVG) has not been spared. A massive sell-off of XVG has seen a drop in both price and value.
The last 24 hour trading session has seen the Verge coin price dip to trade at a low of $0.024216 after going down by3.68% to the dollar and 2.60% Bitcoin. However, the price drop should not keep investors at bay but instead should focus on the platform potential given that it is still in the development stages and its stability is yet to be achieved.