VeChain [VEN/VET] is flying high after Bithumb, the huge South Korean exchange, announced that it will list the cryptocurrency for trade. Bithumb welcomed VEN with an official announcement: "VeChain, which is listed after review by Bithumb Cryptocurrency Deliberative Committee, is valued as a service blockchain that is being used in real life use cases, and is the payment currency used in the VeChain blockchain, which is spurring development with many partnerships."
VeChain fared remarkably well during the current market slide. While other coins struggle, VeChain is trading at around $3 with a $1.5 billion market cap after gaining 30% in two days. VeChain might be one of the more stable coins over the next couple months, with its price buoyed up in anticipation of its mainnet launch at the end of June.
For comparison we can look at IOTA (MIOTA), which has twice the market cap of VeChain. IOTA is still a long way away from its mainnet launch, and there isn’t even a set date for any of IOTA’s big launch events. VeChain is close to the release of mainnet and a bit superior to its competitor thanks to its solid release date lineup, with a full-blown mainnet launch scheduled for June 30th, when the renamed tokens, the ‘VeChain Thor’ (VET) tokens, are scheduled to be launched on an updated ecosystem. After launching its coin as the VEN, or ‘vechain’, in November 2017, VeChain’s rebranding of the vechain into the vechain thor [VET] will be completed in early April 2018.
Bitcoin (BTC) is trading at about half of what its price was on January 1st, with pretty much the entire crypto market following that general trend. The market has seen dips, buys on the dips, recoveries, then nosedives; a merciless cycle that has continued for the 2 1/2 months. But the Ven is 15% higher year-to-date.
VeChain’s has been cushioned from the bearish blow that hit the speculative cryptocurrency markets hard amidst regulatory concerns and advertising bans. Its saving grace seems to be its enterprise-level partnerships with BMW, the Government of China, Oxford University, and Price Waterhouse Cooper.
VeChain was a company with a functioning smart chip technology platform before it was ever a crypto coin. The VeChain platform is a product identification management solution that establishes a unique ID for every product on the blockchain, combining blockchain and encrypted ID to track products through supply chains and prevent counterfeiting.
Vechain is gaining acceptance in the logistics and agriculture industries. It is used to prevent the introduction of fake products into the production system using chips that track a product from production until it reaches to the purchaser. The most well-known use case so far is net-to-table tracking of fish.
Bithumb currently trades 13 of the top 25 coins: Bitcoin, Bitcoin Cash, Bitcoin Gold, DASH, Ethereum, Ethereum Classic, EOS, ICON, Litecoin, Monero, Qtum, Ripple, and Zcash. VeChain will make it 14 out of the top 25 coins.
By: BGN Editorial Staff