The Block raised $33.6 million in a private sale of crypto wallet and exchange provider Bitcoin.com’s VERSE token.

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

The company describes VERSE as an ERC-20 cross-chain utility token and governance asset. Their functionality on Bitcoin.com is compared to the coins of the Crypto.com (CRO), Binance (BNB) and FTX (FTT) platforms.

The issuance will amount to 210 billion VERSE in seven years in equal lots.

15% of the tokens will go to the project team, 34% to the developer fund, 35% will likely go to incentive programs in the ecosystem. 16% of VERSE numbers are for sale. A public token sale of 12.6 billion coins (6%) is planned for June 2022.

The company’s current products include a custody-free wallet, a crypto exchange service, and a news site. Bitcoin.com has more than 4 million monthly active users and 30 million registered wallets.

Recall that in recent months projects such as the Quidd NFT platform ($5 million) and the Panther Protocol DeFi protocol ($22 million) have used token sales to raise money. In the first case, the sale was private, in the second – public.