AI TRENDS | Dragonfly Partner Haseeb Qureshi Clarifies VVV Token’s Role in Venice Project

Dragonfly managing partner Haseeb Qureshi released a video addressing community disputes over the nature of the VVV token tied to the Venice project, saying the token does not represent ownership or equity in the company. According to Foresight News, Qureshi said Venice is a centralized company rather than a decentralized network. He said VVV’s function is to allow holders to mint DIEM through staking and obtain access rights to Venice’s inference computing power, along with benefits tied to products such as Venice Pro. He added that Venice plans to use business revenue to buy back and burn VVV, reducing the token’s supply. Qureshi also said Venice previously conducted traditional equity financing and that the founder would not distribute a large amount of company equity to token holders for free. Foresight News previously reported that Venice AI completed a $65 million Series A financing round on July 1, led by Dragonfly.