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Binance confirms support for VeChain’s ongoing token swap

Binance has officially confirmed that it will process VeChain’s token swap, where users will recieve 100 VET tokens for every VEN token held.

Written by Bryan Smith Published on

On the 22nd of July at 00:00 UTC, VeChain deposits and transfers will fall quiet on Binance – as one of the largest cryptocurrency exchanges is now preparing to facilitate a token swap that will concert VeChain (VEN) to VeChain Thor (VET) tokens.

The move will see all VEN trading pairs halted at 4:00 UTC on July 23rd, whenre Binance will take a snapshot of users’ wallets to redistribute 100 VET tokens per every VEN token held.

On June 25th, Binance would open new VeChain Thor (VET) trading pairs (including VET/BTC, VET/ETH, VET/BNB and VET/USDT), and would subsequently re-launch deposits and withdrawals.

The VeChain Thor network is now steaming ahead with its planned migration. The VeChain Foundation had previously confirmed that exchange-led token swaps would proceed by mid-July, the VeChain Foundation itself would provide a token swap service thereafter.

From August, X-Node status monitoring would resume on the VeChainThor blockchain, while VeChain Thor (VET) tokens would thereafter reintegrate with Ledger.

The launch of its proprietary network marks a new milestone for VeChain Thor; the platform aims to create a decentralized ecosystem with fully traceable products and is hoping successfully to combine blockchain technology with hardware tracking devices. Using a Proof-of-Authority consensus algorithm, the blockchain’s main network launch was prepared by establishing the first authority master node.

The network established a partnership with Safe Haven – a Singapore-based company aiming to deliver blockchain-driven solutions for inheritance, asset control, and asset distribution – when the latter announced that it has re-aligned and will proceed to build its product atop of VeChain Thor’s network.

VeChain has fallen by some -14.83% day-on-day, and presently trades at $1.60 USD.

Written by

South African technology journalist, podcaster, photographer and filmmaker. Hodling - BTC, NEO, ETH.@bryansmithsa

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