Verge (XVG) Finally Reveals Identity Of Mystery Partner

Siamak Masnavi

Verge XVG partner

The Verge (XVG) team finally ended four weeks of speculation today by revealing that its mystery partner is none other than adult entertainment site Pornhub. Pornhub now accepts XVG tokens as a new form of payment. Commentators say the deal makes sense given Verge's focus on privacy, but it is not the huge partnership deal that many fans were hoping for and which had been promised by Verge's founder and lead developer, "Sunerok".

The jury is still out on whether this partnership is truly the "largest cryptocurrency collaboration to hit the market." 

The press release explains that starting today, its users will be able to use XVG, which allows for anonymous transactions, to pay for its products/services. According to the Pornhub Vice President:

Our acceptance of Verge is an affirmation of our dedication to innovation and privacy, which recently has caused much concern and been at the forefront of all tech consumers' minds... "We are extremely excited to offer our fans the ability to use crypto and think Verge, with its focus on anonymity, is the best option – whether for privacy, convenience or both!

Corey Price

It is important to note that due to the volatility risk of cryptocurrencies, Pornhub will not be accepting Verge for recurring payments. As their VP explained to Forbes via email:

The volatility of crypto is concerning for subscriptions with recurring payments... As such, at present, we aren't offering it for recurring payments, though we are in the process of working to do so... Our services have fixed prices in fiat so the value in cryptocurrency will change.

Corey Price

In addition to Pornhub, sister site Brazzers as well as adult gaming site Nataku will also be accepting Verge payments. The Verge markets have reacted poorly and are down almost 40% from pre-announcement highs. It is unclear whether the market is disappointed with the partnership or if traders are following the old adage 'Buy the rumour, sell the news'.

Zuckerberg Says Libra Can Boost Facebook's Ad Revenue, China Sees It as a Much Bigger Deal

Facebook CEO Mark Zuckerberg has, during a shareholder meeting, explained how the Libra cryptocurrency project will help the social media giant make money. China, on the other hand, published a book addressing the challenges Libra poses, arguing it could become the future of world currency.

In a transcript posted by Thomson Reuters, we can read Zuckerberg replied to a question asked by a shareholder on how Facebook will be making money off of the Libra cryptocurrency project. Zuckerberg responded by going into Libra’s potential impact on e-commerce on Facebook, and its potential impact on advertising revenue.

According to the social media giant’s CEO, Facebook does not charge a set price for ads and instead works with a bidding system, where every business trying to advertise will bid to compete for ad space. The system, Zuckerberg said, allows them to get the “lowest possible price.”

He added that combining ads with an effective payment tool such as Libra can benefit businesses further as it could make commerce more efficient:

If we can make commerce be more effective for businesses if when they run an ad, somebody who clicks on that ad is now going to be more likely to buy something because they actually have a form of payment that works that’s on file.

Advertising on Facebook, as such, becomes more worthwhile for businesses, which could in turn see them bid higher on ads and increase overall ad prices. This would effectively boost Facebook’s 0s advertising revenue.

Zuckerberg also reiterated other advantages of Libra, pointing out the payments infrastructure “hasn’t been updated in a very long time.” China, which has plans to launch its own digital currency called DCEP, sees Libra as more than a way for Facebook to make money.

Libra Could Hit China’s Efforts to Increase Yuan Influence

In a book published by the Central Party School of China to educate government officials on digital currency and propose policy measures to deal with emerging challenges like the Libra project, experts argue the latter is an excellent example of a public-private partnership and has the potential to become the future of world currency.

This would mean, according to the book titled “Discussing Digital Currency with Leading Officials,” that Libra could get in the way of the Chinese government’s attempt to increase the influence of the yuan.

Hongzhang Wang, former chairman of the China Construction Bank and one of the authors on the book’s preface, said in a recent article:

China originally relied on mobile payment to get ahead, but now Libra has the potential to change the game again.

Wang added that this would allow companies in the U.S. to build a digital currency system that could “threaten or even surpass” Alipay and WeChat Pay using blockchain technology.

Featured image via Unsplash.