Is Verge a company?

Excuse me, I've been hearing a lot about Verge lately in the cryptocurrency community. However, I'm a bit confused about its nature. Could you clarify for me if Verge is actually a company? I've seen it referred to as a cryptocurrency, but I'm not sure if it's backed by a traditional corporate structure or if it's more of a decentralized, open-source project. Your expertise in this field would be greatly appreciated in helping me understand the distinction. Thank you for your time.