BERLIN, GERMANY - June 5, 2023 - In a major step towards cryptocurrency's mass adoption, Verge Currency, a decentralized, community-driven digital currency, announced today that it is now compliant with ISO 20022. This makes Verge the 9th cryptocurrency to adopt this standard and the first community-run IoT currency, positioning it at the forefront of the digital currency landscape.
Verge's commitment to decentralization was previously demonstrated through a crowdfunded effort to ensure compliance with the U.S. Securities and Exchange Commission’s (SEC) Howey Test. Having been verified as not a security, Verge has now achieved a crucial milestone in compliance with ISO 20022, a feat facilitated by its partner Voice Life and implemented by BlockDudes.
This milestone allows Voice Life to distribute passive income to their F-NFT holders using the XVG coin. Verge's commitment to user-centricity is embodied in this alignment with the ISO 20022 standard, which creates a bridge between traditional finance and cryptocurrencies.
The ISO 20022 standard is an optional standardized messaging format that facilitates
seamless integration of Verge within financial institutions, placing it alongside fiat currencies. This adoption provides users with the flexibility to choose between the ISO standard and the traditional Verge functions. Verge remains true to the vision of public ledger currency as originally conceived by Bitcoin’s founder, Satoshi Nakamoto, and maintains various security feature options for its users.
While the ISO 20022 standard may not have been initially conceived for cryptocurrencies, Verge's integration underlines the company's dedication to spearheading the incorporation of digital currencies into the broader financial ecosystem.
"Today’s announcement is not simply an update; it signifies a landmark in our ongoing voyage towards the future of digital currencies," - the Verge team stated. "With Verge Currency’s ISO 20022 compliance, we aren’t just thinking differently — we are shaping a new narrative for digital currencies in the global financial landscape."
With this step, Verge invites all to join in the pioneering journey towards a more integrated, transparent, and universally accessible future for digital currency.