Binance confirms support for VeChain’s ongoing token swap

vechain

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.

Related Articles

CBDC adoption: Russia enters final phase to test digital ruble

Russia is in the final phase of testing a central bank digital currency (CBDC), which will be used for both national and international...

What exactly is DeFi? Decentralised finance explained

DeFi is a set of technologies that enables people to manage their funds on a peer-to-peer basis and it's changing the way money can be used.

Expansion: Coinbase will be launching in the Netherlands

As part of its global expansion, Coinbase has announced that it has been granted regulatory approval from the Netherlands' national bank.

Is Bitcoin better than retail estate as an investment?

According to MicroStrategy CEO Michael Saylor, Bitcoin presents a much better long-term asset than property.

See All