Despite Approval From Pastors And Celebrities, A $15 Billion Crypto Firm Is Failing Expectations

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Crypto firm VirtualSax has failed to live up to its investors’ expectations despite a litany of support from popular people. Its promoters included pastors, musicians, and sportspeople who used their platforms to sing the gospel of the crypto firm. Years later, VirtualStax has yet to launch its digital celebrity tokens and trading cards.

Cryptocurrency company, VirtualStax, fell short of investors’ expectations after it was heavily hyped by a list of sportspeople, celebrities and pastors who poured money into the project, according to Forbes.

The wave of cryptocurrency across the world has had both negative and positive consequences, making some people richer and others poorer.

TurnCoin investors – NFL star Patrick Mahomes and NBA player Wendell Carter Jnr Photo credit – Fox, BlogABullSource: UGC

For VirtualStax, CEO and founder Rudolf Markgraaff claimed the company was worth $15 billion and promised potential investors the company would bring in $97 billion in revenue in three years.

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Despite the hype, VirtualStax has yet to launch its digital celebrity tokens and trading cards. No known institutional investors for TurnCoin, the token that powers VirtualStax, have been disclosed so far.

After years of delays, VirtualStax’s digital trading card site finally launched in October 2023. However, TurnCoin is not yet listed on any major crypto exchange, even though the company insists on its value of $15 each.

Celebrities and pastors who have endorsed VitualStax and TurnCoin

At the end of 2021, Margraaff’s sweetness and charisma earned him the trust of an impressive group of celebrities to boost VirtualStax.

Stovall Weems, pastor of Celebration Church in Jacksonville, Florida, invested about $100,000. Al Velez, a pastor at Eagle Mountain International Church in Fort Worth, Texas was also sold.

Others include country musician Luke Bryan, former American Idol judge Randy Jackson, Orlando Magic NBA player Wendell Carter Jnr and NFL stars Patrick Mahomes, Cameron Jordan, Drew Brees and Von Miller.

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Despite the firm’s promises, the app is still not available on Android or iOS. Stax cards issued by celebrities like Mahomes, who started promoting the company in 2021, are also not yet available.

Cryptocurrency platform FTX goes bankrupt in the United States, the boss resigns

FTX, one of the largest and most popular cryptocurrency exchanges in the world, has crashed in the US with the resignation of founder/CEO Sam Bankman-Fried.

The crash of FTX, which was handling around $1 billion in trades per day, came as a big surprise to many in the crypto world, forcing many traders to embark on massive sell-offs, a situation that further aggravates the crypto industry crisis.

Bankman-Fried, 30, who worked as a broker on Wall Street before moving to Hong Kong in 2017, had cultivated friends in Washington and soaked up glowing tributes when he stepped in to save other companies from struggling crypto earlier in the year.

Bankman-Fried, one of the world’s youngest billionaires, went from a net worth of $26 billion (11.4 trillion naira) to nothing in eight months (11 November 2022).

Source: Legit.ng

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