Coinbase Global Inc, one of the world’s largest cryptocurrency exchanges, has recently shone a spotlight on VeChain’s significant advancements. In an announcement today, the exchange revealed the addition of VeChain’s native tokens, on its roadmap.
VeChain is a blockchain platform designed explicitly for supply chain management and the management of enterprise business processes. The network has two tokens namely VET Coin (VET) and VeThor (VTHO). VET is utilized to settle transactions on smart contracts while VTHO is the token used to settle gas fees for transactions on the network.
Coinbase’s interest in VeChain reflects the growing importance of supply chain management in ious industries. With blockchain technology, businesses can track their products’ origin, journey, and other information, promoting transparency and enhancing consumer trust.
Assets added to the roadmap today: VeChain (VET) and VeThor (VTHO)
— Coinbase Assets 🛡️ (@CoinbaseAssets) June 22, 2023
Although the new additions are not available for trading on the platform yet, Coinbase said the tokens meet its listing standard across legal, compliance, and technical security.
Notably, VET’s role in the future of blockchain markets lies in its ability to facilitate transactions and support smart contracts. VET holders have access to a range of services and features, with the ability to earn rewards through staking and running nodes on the VeChain network. Hence, this allows VET users to participate in the platform’s governance and decision-making processes.
Despite intense scrutiny from the regulators, Coinbase has continued to expand its platform with the addition of new assets. The platform has now adjusted its listing policy as part of efforts to maintain transparency in the crypto community.
As per the announcement, the platform introduced an experimental label applied to newly listed assets. Also, it introduced a dedicated blog post where it will duly inform the community about new listings.
Recall that while the SEC has requested a time extension to respond to Coinbase’s request for crypto clarity, the exchange was sued earlier in the month for operating as an unregistered broker.
Coinbase’s recognition of VeChain’s potential is crucial as it could attract more investors to the platform, resulting in increased adoption and growth. On account of Coinbase’s announcement, both tokens of the VeChain eco recorded some remarkable gains
As of the time of writing, VET now trades for $0.0182 after a 10% jump in the last 24 hours. It has also increased by 25% over the past week since maintaining a four-day winning streak from June 20 where it peaked at $0.0189.
On the other hand, VTHO in reaction to the listing announcement climbed over 15% and now trades for $0.00119 USD with a 24-hour trading volume of $4,764,923.
As more industries adopt blockchain technology, VeChain’s value proposition becomes even more evident. By providing a secure and transparent supply chain management and enabling seamless transactions, VeChain could revolutionize how businesses operate in ious sectors.
