VERO Labs Joins Forces with Avalanche to Launch Community Finance (CoFi) Model on Layer 1 (L1) Blockchain

VERO's CoFi model on a custom L1 blockchain allows creators to unlock the power of their superfans

NEW YORK,Dec. 10, 2024/PRNewswire/ --VERO Labs, the social technology company operating the ad-free social network VERO™, today announced plans to launch a custom L1 blockchain onAvalanche during Abu Dhabi Finance Week. This initiative is set to unlock the multi-trillion-dollar fan-based asset market, offering creators and superfans new ways to connect, engage, and invest in each other's success.

VERO's L1 blockchain will power its Community Finance (CoFi) model and allow creators, sports franchises, and IP owners to raise capital directly from their fans. This on-chain model will enable fans to invest in and benefit from the success of creators, sports teams, music artists, and media franchises. The recentAvalanche9000 testnet upgrade will improve transaction speed, security, and scalability for VERO users.

"Our investment in VERO marks a key milestone for on-chain community-driven finance,"saidJohn Nahas, Chief Business Officer at Ava Labs."VERO's platform allows creators to directly connect with their fans and build lasting value. We see great potential for this model to empower superfans in new ways while expanding and connecting communities. VERO is at the forefront of making this vision a reality."

VERO Labs works with licensed intellectual property (IP) owners across sports, film, TV, music, and more to facilitate community participation. Creators can offer token-gated experiences, exclusive content, and limited-edition digital assets. With banking, broker-dealer, and ATS licenses, VERO Labs enables the trading of securities, crypto, and novel digital assets, providing an ecosystem where creators can tokenize their assets and fans can invest in their success.

"Building on Avalanche strengthens our ability to give creators new tools to connect with their fans and unlock powerful new revenue streams,"saidAyman Hariri, CEO of VERO Labs."By integrating VERO's platform with Avalanche's advanced blockchain technology, we're empowering creators to build more resilient, fan-driven ecosystems."

As millions of creators drive a robust new global economy, VERO's CoFi model gives them unprecedented control over their monetization strategies. This new approach allows creators to directly engage their fanbases, unlocking revenue streams beyond traditional content creation. As the digital asset market grows, VERO's model is poised to redefine how creators generate income and interact with their audience.

This collaboration will expand opportunities for creators to earn through fan-driven models, allowing more creators to engage with their communities in financially rewarding ways. Fans will be able to become stakeholders in the success of creators, teams, and franchises across various industries, from digital media to sports and entertainment.

About VERO Labs

VERO Labs develops technologies to empower creators — including artists, sports franchises, IP owners, and brands — to share and build value directly with their fan communities. The company owns and operates the ad-free social network VERO™, record label VERO Music™, the Tokenise Stock Exchange, and Tokenise as a Service.

Media Contact:

Morgan Borer

blaircommunications@vero.co

About Avalanche

Avalanche is a high-performance blockchain platform designed for builders who need to scale. Engineered with a revolutionary three-part Layer 1 (L1) architecture, Avalanche is anchored by its Avalanche Consensus Mechanism, ensuring near-instant finality for transactions. The platform also features an open-source Layer 0 (L0) framework, enabling the seamless creation of interoperable Layer 1 blockchains with high throughput on both public and private networks.

Supported by a global community of developers and validators, Avalanche offers a fast, low-cost environment for building the next generation of decentralized applications (dApps). With its unique blend of speed, flexibility, and scalability, Avalanche is the preferred choice for innovators pushing the boundaries of blockchain technology.

For more information, visitavax.network.

About The Avalanche Foundation

The Avalanche Foundation is the non-profit entity that fosters the advancement and growth of the Avalanche platform for the world. The Foundation offers development programs for developers, entrepreneurs, and users to help turbocharge the advancement of the Avalanche ecosystem.

SOURCE VERO Labs