Binance confirms support for VeChain’s ongoing token swap


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.

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