It seems that business partnerships cultivated by VeChain (VET) over the last several years are paying off. The blockchain project has either secured contracts or partnerships with the likes of Amazon AWS, Boston Consulting Group, BMW, Walmart (China) among other big name global companies.
The enterprise-solution-focused blockchain has jumped 15% in the last 24 hours on the news of being added to Coinbase’s roadmap.
Yesterday, Coinbase Assets announced the additions of VeChain (VET) and VeThor (VTHO ) to its listing roadmap.
“Assets added to the roadmap today: VeChain (VET) and VeThor (VTHO).”
VET is worth $0.0188 at time of writing, up 15% in the last 24 hours. VeThor is worth $0.00122 at time of writing, up over 18% over the same period.
VeChain is a platform that utilizes blockchain technology to offer solutions for managing supply chains, tracing products, and preventing counterfeits. It operates as a public blockchain using a Proof-of-Authority consensus mechanism and was established in 2015 by Sunny Lu, a previous CIO of Louis Vuitton China. VeChain has partnerships with major companies, including Walmart China and BMW.
VeChainThor blockchain has two distinct tokens – VET and VTHO. VET is the primary token that stores value and facilitates transactions on the network while VTHO is a gas token that powers smart contracts on the VeChainThor blockchain.
VET holders automatically generate VTHO. The amount of VTHO generated is proportional to the amount of VET held. VTHO is used to pay for transactions on the VeChainThor blockchain.
VTHO is a limited resource that gets used up when powering smart contracts. As a result, its supply continually decreases, in theory making it more valuable as time goes by.
Coinbase’s listing roadmap outlines crypto assets being evaluated for potential inclusion on its platform. The roadmap is frequently updated to reflect new and reviewed assets.
Featured Image: Shutterstock/KDdesignphoto/WindAwake
