Dragonfly managing partner Haseeb Qureshi has addressed community debate over the nature of Venice’s VVV token, saying Venice is a centralized company rather than a decentralized network. According to Qureshi, VVV does not grant ownership of the company or any equity stake. Instead, the token’s utility is tied to staking, which allows users to mint DIEM and gain access to Venice’s inference computing capacity, while also unlocking benefits tied to products such as Venice Pro. He added that Venice plans to use business revenue to buy back and burn VVV, reducing token supply over time. Qureshi also noted that Venice previously raised capital through a traditional equity financing structure, and that the founders would not give away a large portion of company equity to token holders. Foresight News previously reported that Venice AI completed a $65 million Series A round on July 1, led by Dragonfly.
Haseeb Qureshi responds to debate over VVV
Dragonfly managing partner Haseeb Qureshi posted a video to address community discussion surrounding the nature of the VVV token issued in connection with Venice. In his statement, he said Venice is a centralized company, not a decentralized network, and that VVV should not be interpreted as representing ownership of the company or any form of corporate equity.
According to Qureshi, the token’s actual function is utility-based. By staking VVV, users can mint DIEM, gain access to Venice’s inference computing resources, and receive benefits tied to Venice products such as Venice Pro. He also said Venice plans to use operating revenue to buy back and burn VVV, a mechanism intended to reduce the token’s circulating supply over time.
Qureshi further stated that Venice has already completed traditional equity fundraising, and that the founders are not going to distribute a large amount of company equity to token holders for free. Foresight News previously reported that Venice AI closed a $65 million Series A financing round on July 1, with Dragonfly leading the round.
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