VeChain (VET) Price Explodes Following New Coinbase Listing

VeChain (VET), a cryptocurrency project specializing in enterprise solutions, experienced a surge in value after being recently listed on the roadmap of a prominent US-based crypto exchange, Coinbase.

As per Coinbase’s announcement, both VET and its gas token, VeThor (VTHO), are now available for trading.

This news caused a significant spike in VeChain’s price, which increased by 17.8% from its seven-day low of $0.0146 on September 11th to a peak of $0.0172 just one day later. Presently, VeChain is trading at $0.0170, reflecting a 3% increase over the last 24 hours.

Sunny Lu, a Chinese entrepreneur and former executive of Louis Vuitton China, founded VET in 2015 with the aim of managing supply chains and tracking products. Notable companies such as Walmart and BMW are among its partners.

The protocol’s gas fees are associated with VeThor (VTHO), a digital asset that is automatically generated and distributed proportionally to VET holders to power the network’s smart contracts.

At the time of writing, VTHO is trading for 0.001287, representing a 1.62% increase in the last day.

However, after Coinbase’s announcement, the virtual asset surged from a low of $0.000869 on September 12th to $0.001607, an impressive 85% increase.

According to a recent announcement, Coinbase will now support the Lightning Network, a layer-2 scaling solution aimed at addressing Bitcoin’s scalability issues.

The CEO of Coinbase, Brian Armstrong, recognizes Bitcoin’s importance in the digital asset industry and plans to integrate Lightning to enable faster and cheaper Bitcoin transactions.

However, the integration process is expected to take some time, and Coinbase is requesting its users to be patient.

In the past, the company has noted Lightning’s potential to revolutionize payment systems and disrupt the industry currently dominated by Visa and Mastercard.

“Lightning has the potential to replace existing payment processors for fiat transactions without the consumer knowing that BTC was used as the underlying settlement layer.”