PANews July 1 news, according to Venice AI founder Erik Voorhees, to complete the $65 million Series A financing, Venice chose to sell equity rather than directly dumping VVV. Although VVV is up more than 700% this year, Venice still hasn’t sold any tokens; it currently holds over 30 million VVV, representing more than 37.5% of the total supply of 80 million, making it the largest holder.

As introduced, investors in this round received 8.98% equity, a vesting grant of 1.5 million VVV, and subscription rights to purchase 5 million VVV over the next 8 years; if fully exercised, Venice’s total financing would increase to $131.5 million. The related tokens will be locked for 1 year, and then linearly unlocked over the following 3 years. It is expected that the daily increase in circulating supply will be fewer than 6,000 tokens, accounting for only about 0.2% of the current daily trading volume. Venice stated that it will continue to maintain the tokenomics model of repurchasing and burning VVV with revenue, to align incentives among the company, VCs, and the community.