VRJAM Announces The Initial Exchange Offering Of Its Revolutionary Metaverse Currency, Vrjam Coin

London, United kingdom, 28th November, 2022, Chainwire

VRJAM, the leading platform for Web3 live events, today announced the launch of its revolutionary new digital currency VRJAM Coin will IEO on the 30th of November via exchanges Gate.io and MexC. VRJAM’s and metaverse crypto-coin is currently valued at $US40M and has attracted investment from 15 of the world’s leading web3 focussed VC’s and investors.

VRJAM first came to market with an ‘alpha state’  product in 2019 and then bootstrapped the business for 4 years, producing double-digit growth year after year. The founder’s tenacious approach ultimately grew the business to become a UK market leader for immersive live events, servicing hundreds of premium content creators and brands along the way.

At the start of the month, VRJAM’s public content platform was released after 4 years of development and market validation, download the VRJAM platform app now and dive into the virtual world of 5th Dimension, or create an account on the VRJAM browser application to render a custom avatar and buy VRJAM NFT’s.

VRJAM offers a premium content platform for high quality, immersive live events that’s been built based on years of experience servicing clients like Red BullGlastonbury Festival’s Shangri LaTwitch (an Amazon-owned company) and even the UK Government’s Creative Industries Council.

VRJAM’s technology has also caught the attention of blue-chip tech brands including Google (VRJAM is a member of the elite Google Campus startup accelerator) and the world’s biggest game publisher Epic Games (Epic provided funding and financial support to VRJAM through the prestigious Epic Mega Grants program).

The quality of VRJAM’s native currency has been firmly validated by the investments made in the currency to date which total $US2.2M in invested capital, a list of the VCs and investors who’ve backed VRJAM Coin to date include, NGC Ventures, Sky Vision Capital, DWF Labs, EnjFi, Gate.io Ventures, Animal Concerts, AU21, Stablenode, Axia 8, Enjin, Eight Rings Ventures, Panony, TPS Capital and Oracle Investment Group.

VRJAM Coin is somewhat unique in the web3 vertical due to its focus on the consumer use case. VRJAM Coin is also intended to be used by consumers, brands, and content creators to buy and sell products, content and services inside the rich, virtual world built on the VRJAM platform.

This fact means that demand for the coin is magnified by its use by consumers and brands. By way of this extra demand, the token price is somewhat insulated from the storms of the crypto markets, offering investors a safer, more stable opportunity.

The VRJAM platform offers a wide array of use cases for its cryptocurrency including buying and selling tickets, avatars, backstage passes, premium content and virtual real estate. VRJAM’s virtual real estate model is also unique and offers a smart alternative to the traditional ‘metaverse land’ investment modelo, find out more about this on the VRJAM website.

However the most important part, of the consumer use case that VRJAM Coin addresses, is how consumer conversion from Web2 to Web3 happens. 

VRJAM’s user acquisition strategy relies on collaboration with global brands and content creators, whereby consumer audiences are offered free access to magical experiences on the VRJAM platform. By cooperating with top creators and brands to offer premium content fans can’t get anywhere else, VRJAM gains access to a powerful user acquisition strategy that turns the consumer audiences into account owners and coin holders on the VRJAM platform.

A few brands and creators VRJAM already works with to activate live events and content on the platform are Animal ConcertsPolygon Studios, Snoop DoggBilly Ray Cyrus & Avilla Brothers ‘Hardworking Man’ metaverse project, Roger SanchezUmekDJ CrazeJay Worra and Stanton Warriors.

This strategy is enhanced and accelerated by VRJAM’s play-to-earn rewards program, whereby over $US20M in cryptocurrency will be distributed as consumer rewards and incentives to drive adoption of VRAM’s technology.

On the 30th of November, a number of key events will combine to create a successful market entry for VRJAM Coin including; the activation of VRJAM’s NFT marketplace via the offering of a range of super rare NFTs from top-tier music artists. The launch of VRJAM’s native.staking pools including farming pools and traditional, time-locked pools to give the VRJAM community opportunities to grow their investment and the launch of VRJAM Coin on 2 of the world’s leading crypto exchanges, MexC and Gate.io.

The VRJAM Coin initial DEX offering is live now on 3 of the world’s leading IDO launchpads, TrustpadKommunitas and Erax. Head to one of VRJAM’s IDO launchpads to invest and join the VRJAM Community


VRJAM is an award-winning real-time platform for premium virtual events and immersive social gaming.

The VRJAM platform empowers creators and brands to offer fans inspiring immersive experiences that redefine fan engagement within the Web3 environment. Over the last 3 years, the platform has empowered some of the world’s leading brands and artists to redefine fan experience in digital space including Carl Cox, Ultra Records, Twitch, Red Bull and Fatboy Slim to name a few.

These experiences are monetized using VRJAM’s native cryptocurrency, VRJAM Coin and also by way of the creation of revolutionary new types of NFT’s that are native to the virtual world of VRJAM.

The live experience features of the platform combine with elegant smart contract infrastructure and crypto native feature sets to create new ways for brands and content creators to render digital content and engage with fans.

VRJAM’s community of partners, advisors and investors includes some of the leading brands in the blockchain space including Polygon, and Gate.io as well as an array of top tier consumer brands including the world’s leading game publisher, Epic Games.

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Solana NTF Marketplace Magic Eden Is Expanding to Ethereum Blockchain

Leading Solana NFT marketplace Magic Eden, accounting for over 90% of secondary NFT trades on the blockchain network, announced on Tuesday that it is expanding to the Ethereum blockchain.

The expansion would enable Magic Eden to integrate Ethereum NFTs into its platform. The company said that such integration would enable it to provide the same “go-to-market” benefits for Ethereum NFT creators the same way it does for its Solana users.

The platform aims to offer multi-chain solutions for both creators and collectors. This would enable creators to launch NFT projects seamlessly while accessing more liquidity at the same time.

Magic Eden wants to leverage the rapid growth of Ethereum and Solana blockchains witnessed over the previous 18 months to build an ecosystem where the social, cultural and connectivity utilities of NFTs can be shared across blockchains.

 Magic Eden’s Ethereum entry is designed to offer multi-chain solutions that provide the best experiences, including features such as a popular minting toolkit, whitelist and audience targeting tools, and marketing support to efficiently serve both NFTs creators and collectors.

 Magic Eden is also running private beta tests to support the launch of a cross-currency trading product where users can buy Solana and Ethereum NFTs either in their blockchain’s native currency or via credit card. The firm also plans to roll out cross-chain trading analytic tools within the next few months.

Zhuoxun Yin, the co-founder of Magic Eden, commented about the development: “We don’t think winning on ETH will happen overnight. We are entering the market with humility and are prepared to build for a long while. With that being said, we strongly believe our hypothesis on what NFT creators and collectors need from their marketplace.”

Responding to Competitors’ Move 

In late June, Magic Eden raised a $130 million Series A at a $1.6 billion valuation. During that time, the firm said that part of the funds would be used to expand to new blockchains, including Ethereum.

Magic Eden is the leading NFT marketplace for Solana digital collectables, hosting more than 90% of the ecosystem’s trades, according to data from DappRadar.

Its announcement to expand into the Ethereum blockchain is seen as an effort to take on its rival OpenSea marketplace.

OpenSea is the largest Ethereum NFTs marketplace, though the platform also supports Solana, Tezos, and Polygon blockchains.

Image source: Shutterstock


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Dubai-Based Startup to Raise $1.2M NFT Fund to Clean Up Ocean Plastics Globally

Oceans & Us announced on Sunday that it plans to raise $1.2 million in funding to clean up oceans worldwide. The Dubai based non-profit organization wants to raise funds by selling 10,000 generative non-fungible tokens (NFTs) and launching a new cryptocurrency.

The green startup plans to launch its token as a way to raise funds by crowdsourcing.

The company seeks to partner with 100 brands across the UAE and the Middle East with a sustainable product or solution. Whoever buys or owns the NFT would have discounts or benefits with these firms.

The aim of the company is to raise awareness and funds to build boats that clean up the oceans.

Oceans & Us has progressed in talks to partner with various firms including the team behind the Qatar World Cup, the top UAE-based retailer Landmark Group, coffee brands that already have a mission to promote green practices, solar home solutions companies, and sustainable fashion brands, among others.

The startup said that it is closely working with Marakeb Technologies, a major tech firm based in the United Arab Emirates, to design autonomous, self-driven boats powered by AI that will clear plastic from oceans and rivers.

Marakeb Technologies is 30% owned by the Abu Dhabi government. The launch of the AI self-driven boats is scheduled to take place in July this year.

Joel Michael, the founder of Oceans & Us, talked about the development and said that the partnership is mainly to bring together the community and bring art as a means of communication.

The executive stated: “Sustainability is an ecosystem, and NFTs work as a gateway. Buying an NFT enables people to invest and participate in a hands-on way. The idea is for all of this to sit on the blockchain that is transparent so every single dollar invested can be seen clearly where it goes.”

“The biggest thing we want to solve is transporting plastic we collect back to land so it can be repurposed.” Michael elaborated further.

He disclosed that since the government supports such initiatives, firms in the private markets are seen joining hands. Michael said: “We have seen tremendous support from the UAE and think it’s the epicentre of sustainability in the region.”

Blockchain Paving the Way

The concept of blockchain was born out of the need to create something that was decentralized, immutable, transparent, and completely secure. Such characteristics echo what people look for when they hear the term “social good.”

This explains the reason why many firms are now looking at how they can use this technology to improve themselves while also helping others at the same time.

Overfishing and pollution have adversely affected marine biodiversity, while climate change threatens to increase the severity of diseases, storms, and other impacts.

Oceans & Us is working with various partners to develop and scale blockchain projects to rid millions of tons of plastic that enter the world’s oceans.

By supporting the firm, consumers help it progress towards its goal of cleaning up 90% of floating ocean plastic pollution.

Image source: Shutterstock


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From Morgan Stanley to crypto world: in a conversation with Phemex founder

Founded in 2019 in Singapore, Phemex has been operating as a crypto derivatives exchange. The platform rose to the “top 10 global exchanges in less than two years, with a daily peak trading volume of more than $12 billion.” Cointelegraph talked to Jack Tao, founder and CEO of Phemex, about the difficulties and risks of running a crypto exchange and where he plans to take Phemex next.

Tell us about the story behind the exchange and what it was like to launch a trading platform during the crypto winter?

The story behind Phemex is one that seeks to provide solutions to the many issues I witnessed in traditional finance. When I initially discovered crypto, I was really excited because it seemed to be a way that would allow me to address the inefficiencies traditional finance has.

One technology solution, in particular, is blockchain. Because it offers many possibilities, my initial motivation was just to try it out and learn more. This led me to setting up a few modest mining operations and experimenting with various exchanges and trading platforms.

My first venture into cryptocurrency ended in significant losses. Despite the enormous promise that cryptos presented, I realized the sector still had a long way to go. The exchange I was using at the time had a lot of technical issues, which resulted in frequent outages and hacks. There were no standards in place, and there was little trust. To fix this, I sought to discover a solution by combining my financial and technological expertise gained on Wall Street.

The end result is Phemex, a powerful and efficient platform that, despite its partial Wall Street background, is dedicated to assisting everyone, not just a select few, in achieving financial independence. Phemex is great because it leverages traditional finance standards and tools while remaining true to cryptocurrency’s values of financial freedom and self-empowerment.

How does a decade-long experience at Morgan Stanley help you manage your company?

Before co-founding Phemex, I held the position of global development VP of Electronic Trading (MSET) Benchmark Execution Strategies (BXS) at Morgan Stanley. My experience in finance gave me the fundamental skills and insights that made it possible to launch Phemex.

Because I had over ten years of experience building high throughput, low latency, large-scale algorithmic trading platforms, I was able to pinpoint the primary problems that faced the TradeFi sector. Because I could recognize the problems, all I needed to do was find the solutions, which was to build Phemex as one of the most reliable cryptocurrency and derivatives platforms.

I’m proud to say that Phemex has grown exponentially since its launch, and we now offer a variety of crypto spot markets and derivative contracts with up to 100x leverage. We’ve risen to the top 10 global exchanges in less than two years, with a daily peak trading volume of more than $12 billion.

What are the most difficult aspects of operating a crypto exchange? Does location play any role in it?

Operating a cryptocurrency exchange is not an easy task. Major challenges include safety and security concerns to make sure we are providing the most trustworthy and safe platform to our users. System and user account security are one of our highest priorities, and we have designed and implemented a Hierarchical Deterministic Cold Wallet System, which assigns separate cold wallet deposit addresses to each user.

All the deposits on Phemex are periodically gathered in the company’s multisignature cold wallet via offline signature. Based on our sophisticated Wall Street risk control experience, we are able to detect any malicious actions and quickly act to protect our users’ assets and the platform. Qualified withdrawal requests are also processed via offline signature, thereby, all assets remain 100% stored in a cold wallet system with all operations conducted offline.

With regards to location, choosing where to operate a cryptocurrency exchange is not so different from choosing where to operate a normal business. The considerations are actually quite simple: you want a good business and supportive policy environment, a growing economy, a city or cluster with talent that is innovative and entrepreneurial, as well as other business-friendly regulations and compliance structures.

Singapore is one place that matches these criteria. Singapore has emerged as a major cryptocurrency hub in Southeast Asia. Singapore not only has a strong financial sector and geopolitical position, but the city has also created a crypto-enabling environment, which has been essential to Phemex’s growth in such a short time. We are rapidly expanding our team in Singapore, and I’m excited to see what the future holds. 

How does doing this business in 2022 differ from doing it in 2019?

The cryptocurrency and blockchain business has definitely changed from 2019 to 2022. I’ll give you a few examples.

In 2019, the crypto market cap ended the year under $200 billion. Right now, the market cap is at $1.6 trillion, and at one point in 2021, it reached $3 trillion. So the difference in this regard is quite obvious. There’s more attention to the industry, there’s more investor interest, both retail and institutional, and there’s greater adoption. So doing business in this environment now where there’s more demand than before has been very beneficial. 

Another difference now compared to 2019 is the actual cryptocurrencies on the market. An interesting exercise I’d recommend any curious reader do is keep a yearly tab on the top 50 cryptos from whatever base year and compare it to the next. It’ll feel like comparing different technology epochs. 

But despite the rapid changes in the industry, we at Phemex will continue to move forward, and we will continue to launch new products and give our investors access to the best cryptocurrencies on the market.

“Many businesses claim to embody the ideals of crypto and blockchain, but the reality is that they’ve simply implemented the same old models, driven by profits and self-interest, to a new space. Our slogan, “Break Through, Break Free” – what do you mean by this statement?

After working in traditional finance for over a decade, I became disillusioned by the many limitations and injustices I witnessed. The industry is plagued by unreasonable fees and inefficient systems. In various ways, these all serve to favor the wealthy and suppress the underprivileged. This is why I said that many businesses today only imply the basic principles of crypto and blockchain. However, many of these businesses merely apply the same old profit-driven and self-interested endeavors to their own business models.

Our slogan, “Break Through, Break Free,” encapsulates our company’s principles and objectives. Phemex has everything a person needs to break into a better system where true financial autonomy is not only encouraged but embedded into the system’s core. We believe that any individual can have the power to change their own lives and choose their own reality.

What’s next for Phemex? What should your community and users expect in 2022?

From a basic new currency to facilitating decentralized transactions to reconstructing practically the whole traditional financial system on-chain, we’ve come a long way. We will recreate and invent any imaginable service or process in the next phase, not only financial ones.

I’m also enthusiastic about some of the recent patterns I’ve seen. Specifically, the metaverse and nonfungible tokens (NFTs) have sparked my interest. The current surge of NFT collectibles and art, while possibly inflated, nonetheless points to a promising future. We’re rethinking what ownership entails, and we’re just getting started with new uses for on-chain assets. 

Similarly, the metaverse contains innovative GameFi, play-to-earn, and wealth distribution mechanisms that have the potential to profoundly alter our digital activities. And this is only the tip of the iceberg in terms of what’s possible and what lies ahead.

Phemex has aided the growth of the metaverse by listing assets such as AXS, MANA, YGG, SAND, SLP and many more to come. We’ll continue to keep a careful eye on this powerful megatrend.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.


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