In May, the Company announced it would be working with meVu to administer the IEO for MVU, the proprietary digital asset of the meVu sports betting platform. This platform enables peer-to-peer sports betting using blockchain technology, providing key advantages over betting with traditional bookmakers. The first round of the four-round IEO will begin on Monday, June 10, 2019 on the Probit exchange. In exchange for its involvement in the IEO, FORK will receive up to 3.062% of the total supply of MVU.
Vancouver, British Columbia–(June 7, 2019) – METAVERSE CAPITAL CORP. (CSE: FORK) (OTC Pink: GBCHF) (“FORK” or the “Company”) is pleased to announce that the first round of the initial exchange offering (“IEO”) for the MVU token is set to begin on Monday, June 10, 2019 on the Probit exchange. On May 8, 2019, the Company announced in a press release that it had entered into an agreement with Waterloo-based meVu Inc. (“meVu”) to administer a four-round IEO for MVU. MVU is the proprietary digital asset of meVu’s flagship application meVu, a blockchain-based platform for peer-to-peer sports betting (http://mevu.bet). The first round of the IEO for MVU will be live from Monday, June 10, 2019 running until Thursday, June 20, 2019. The IEO may be accessed on Probit’s website at the following link: https://www.probit.com/en-us/ieo/mvu-round1/0
The meVu platform was created to offer a lean, robust solution for individuals to place sports wagers against one another, as opposed to a central bookmaker. While bookmakers do provide the value of guaranteed payment on a winning bet, bookmakers will generally offer sub-optimal betting odds that take into account a commission that they will collect on winning bets (known as the “vigorish” or “vig”) to cover their operating overhead. Using blockchain technology, meVu is not only able to offer guaranteed payment to winning bettors (using Ethereum-based smart contracts), it is also able to offer a much lower vigorish (between 2.5% and 3%, compared to approximately 10% with traditional bookmakers) given meVu’s lower operating costs.
To date, meVu has seen considerable success, both as a wagering platform and as a blockchain application. During the 2018 FIFA World Cup, meVu had more than 89,000 user signups (with emails, passwords, and Ethereum addresses), and more than 3,900 users were placing predictions on a daily basis. Additionally, more than US $350,000 had been raised from prior sale efforts for MVU, for less than 5% of MVU’s total supply of 105,000,000 MVU tokens. The beta version of meVu is presently live and can be accessed at the following link: https://dapp.mevu.bet/
For its involvement in the MVU IEO, FORK is under contract to receive base compensation of 222,223 MVU (or 0.212% of the total MVU supply) at the outset, and up to 3,000,000 MVU (or 2.86% of the total MVU supply) based on IEO performance. The performance-based portion of the compensation will be paid according to a set schedule in which up to 1,500,000 MVU will be paid out with each USD $100,0001 raised (FORK will be paid 50% of all MVU tokens sold at each threshold, to a maximum of 1,500,000 MVU total), and a lump sum of 1,500,000 MVU will be paid out upon a cumulative total of USD $1,000,0002 being raised in the IEO. Furthermore, the Company shall be paid a 10% bonus on all sales from private investors introduced by FORK. This bonus is structured as 5% of all MVU sold (e.g. 100,000 MVU sold results in a 5,000 MVU bonus for FORK) and 5% of sale proceeds (e.g. USD $25,0003 purchase results in a USD $1,2504 bonus for FORK).
Below is an overview of each of the four rounds of the IEO for MVU. In anticipation of the first round beginning on Monday, June 10, 2019, participants are encouraged to sign up on the Probit exchange to complete their KYC screening process if they have not done so already.
First IEO round: 7,000,000 MVU at USD $0.09 (Hard cap of USD $630,000)
Second IEO round: 8,000,000 MVU at USD $0.10 (Hard cap of USD $800,000)
Third IEO round: 20,000,000 MVU at USD $0.11 (Hard cap of USD $2,200,000)
Fourth IEO round: 20,000,000 MVU at USD $0.12 (Hard cap of USD $2,400,000)
First round IEO participants can benefit from purchase bonuses of up to 40%. More details can be found on the Probit exchange at the following link: https://www.probit.com/en-us/ieo/mvu-round1/0
FORK President and CEO Shidan Gouran commented, “Now that legalized sports betting is widely available in the United States, the demand for it has become more and more prominent. The trouble is that bettors don’t want to keep paying the high vigorish charged by traditional bookmakers, which is why a peer-to-peer betting model makes a lot more sense. MeVu has found a way to make that happen in a secure, low-cost manner with virtually no compromise when compared to the experience of betting with a bookmaker. We are very much looking forward to the opening of the IEO for MVU on Monday, as we help meVu into their next chapter as a disruptive sports betting platform, and a dynamic use case of blockchain technology.”
MeVu Project Lead and Founder Kelvin Coelho added, “The popularity of sports betting is not to be underestimated. There has been a ton of betting action lately between the UEFA Champions League finals in April and May, and the NBA Finals happening right now. While much of this action is happening through regulated bookmakers, a lot of it is also happening off-market – which is naturally a lot riskier for bettors. Given the simple, low-cost, and programmatically guaranteed nature of bets placed on meVu, we will be delivering more value to bettors in all markets by enabling the simplicity and low cost of peer-to-peer wagers, but without the risk. We are thrilled to have FORK administering MVU’s IEO for us, and cannot wait to see how the four rounds turn out.”
On behalf of the Company:
Shidan Gouran, President and CEO
For more information please contact:
Metaverse Capital Corp. Investor Relations
About Metaverse Capital Corp.
With blockchain technology rapidly re-shaping the models of many companies, industries, and their business processes, Metaverse Capital Corp. (“FORK”) places a focus on the common needs of early-stage blockchain adopters. Originally founded with a focus on crypto-mining, FORK has recently diversified its offerings by placing an emphasis on professional services such as developing and administering launches of tokens and digital assets. Adapting to changes in blockchain technology, FORK is also now utilizing its computing power to provide consensus services, such as the operation of masternodes, servicenodes, and witnesses which are alternative methods to cryptocurrency mining for generating and acquiring digital assets. Investors, through their investment in the Company, are provided with exposure to these tokens, cryptocurrencies and digital assets without the lengthy, and complicated process that interested investors must ordinarily undergo in order to gain exposure to these cryptocurrencies and digital assets.
The Company is listed on the Canadian Securities Exchange (“CSE”) and its common shares trade under the ticker symbol “FORK”. Additional information relating to the Company is available on SEDAR at www.sedar.com, the CSE at www.theCSE.com as well as on the Company’s website at: www.metaverse.capital
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1 Or equivalent total amount in any accepted currency for the IEO, as stated by the respective exchange of each IEO round.
2,3,4 Or equivalent total amount in any accepted currency for the IEO, as stated by the respective exchange of each IEO round