Bithumb, one of the most active Korean exchanges, has switched to the new VeChain (VET) digital asset, one of the up-and-coming platform coins. Initially, a trading bot discovered the listing, triggering a surge in prices:
A bit later, the exchange issued its official statement and stopped the trading of old VEN coins. VeChain uses the dual-asset model, and only VET will be traded for now. Meanwhile, VeThor (VTHO) is separately finding its marketplaces.
The listing of the VET asset has rekindled expectations of a new price hike. Reddit users are awaiting an immediate effect on the value since Bithumb will provide a diversified trading profile and access to Korean investors.
After the bot tweet, VET climbed from $0.013 to $0.014 at 3:00 UTC. At the time of writing, it changes hands at $0.014262, up around 8% in the past 24 hours. The price increase also mirrors the general market recovery, which has seen all coins posting gains.
Short term, the VeChain project is attractive for the passive income in VTHO from running nodes. VTHO currently trades at $0.0014 on much less liquid exchanges.
Unfortunately, VET no longer outperforms the market and is down 85% from its all-time high. The bullish factor here is that a significant number of the coins would be locked for staking.
Recently, the VeChain platform introduced its first tracking product, aiming to meet the KYC requirements of the crypto sector. In a blog, the company noted:
“The need for KYC and digital ID maintenance is pivotal for blockchain to see widespread adoption across the world not only from a Cryptocurrency point of view but also in general use. Being able to validate, audit, and trustmembers of the system helps reduce bad players as well as allows government and financial institutions better protect its users.”