Roger Ver Announces Involvement In Australia’s LivenPay As Advisor As Platform Prepares For ICO This Week
Roger Ver is most well known for his work as the CEO of Bitcoin.com, but he is a major name in the industry for many reasons. Sometimes called “Bitcoin Jesus” by his loyal followers, he is decided to use his power as a way to support a startup in Australia called LivenPay. LivenPay hopes to use cryptocurrency as a mainstream payment option for multiple industries, but they are starting with cuisine.
The app for LivenPay will be easy for users to register on, find local options for food, and pay their bill. The platform already is in place, and they already offer the LivenCoin, which is their universal network rewards currency that users apply to their payments.
Ver has been heavily involved in the crypto market and is considered the first investor in many bitcoin startups, like bitcoin.com, blockchain.com, Zcash, Ripple, Bitpay, Kraken, and Binance. His work will be on the advisory board with LivenPay. He commented,
“The future of cryptocurrencies depends on practical applications for real people and Liven is a prime example of this. I am excited at this opportunity to grow with them and demonstrate the power of cryptocurrencies to the wider world.”
Co-founder and chief evangelist of Liven, Grace Wong, said,
“We are simply ecstatic that a genuine global star such as Roger Ver has joined our advisory board.” She added, “Roger’s belief in us demonstrates further proof that what we are setting out to do with Liven will truly change the way the world engages in its favorite pastimes, starting with dining out and that’s just the beginning. By making it not only more exciting but also more frequent for our users by rewarding them with a cryptocurrency that can appreciate in value as the ecosystem grows.”
Ver’s participation will start with the upcoming initial coin offering (ICO), which will open on February 28th. Though ICOs have dwindled in both their progress and popularity lately, Ver remains encouraged that this type of sale will be successful. Following the announcement of his addition by the Liven Twitter page, he commented, “I’m honored to help drive mass adoption of cryptocurrencies in Australia by teaming up with LivenPay as an official advisor. What will their top 10 Android app with 400,000 registered users and 20,000 venues do next? Stay tuned!”
Even though the attention that Ver brought to LivenPay was met with neutral responses, the crypto community of Twitter was highly displeased with his support of ICOs. The concept of an ICO was originally meant for projects to raise funds for their progress, involving a sale of the cryptocurrency at a discount. Investors assume that the full value of these crypto assets will ultimately rise, but that isn’t always the case.
One of the reasons that investors have found these fundraising options to be “scammy” lately has to do with the fact that most companies do not even have a working prototype, increasing the risk. A study by the Satis Group, an advisory firm, recently revealed that nearly 80% of the ICOs in 2017 turned out to be scams. Statistics like these are the reason that the United States Securities and Exchange Commission (SEC) had put out regulations regarding ICOs. However, this ICO is not based in the US; it is based in Australia and their laws are not the same.
Right now, the debate seems to be around LivenPay. According to the company, they have already brought in $10 million in seed funding, which some sources believe is enough to bring forth a working product. However, the company is looking for $28 million instead, which has not really been broken down into what it will be used for.
Luckily, Ver is used to controversy and criticism. Hopefully, his work with LivenPay will involve building up a tough skin so that they can withstand the opponents of ICOs long enough to show that they can create a working product that pushes forward adoption.