Cryptocurrency VeChain (VET) Jumps 15% After Coinbase Announcement
The price of a blockchain that focuses on business solutions has gone up 15% in the last 24 hours after it was added to Coinbase’s plan.
Yesterday, Coinbase Assets said that VeChain (VET) and VeThor (VTHO) would be added to its list of cryptocurrencies to be listed.
“Assets added to the roadmap today: VeChain (VET) and VeThor (VTHO).”
At the time of writing, VET is worth $0.0188, which is a 15% increase in the last 24 hours. At the time of writing, VeThor is worth $0.00122, which is an increase of more than 18% over the same time period.
VeChain is a platform that uses blockchain technology to offer solutions for managing supply lines, tracing products, and stopping fakes. It works as a public blockchain that uses a Proof-of-Authority voting system. It was created in 2015 by Sunny Lu, who used to be the CIO of Louis Vuitton China. VeChain has agreements with big companies like BMW and Walmart China.
There are two different tokens in the VeChainThor blockchain: VET and VTHO. VET is the main token that saves value and makes transactions possible on the network. VTHO is a gas token that powers smart contracts on the VeChainThor blockchain.
VET holders make VTHO immediately. How much VTHO is made is proportional to how much VET is kept. The VeChainThor blockchain uses VTHO to pay for transactions.
When smart contracts are running, VTHO is used up because it is a scarce resource. Because of this, its quantity keeps going down, which, in theory, should make it more valuable as time goes on.
Coinbase’s listing plan shows which crypto assets are being looked at to see if they could be added to its platform. The roadmap is changed often to include new and looked-at assets.
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