An entrepreneurial altcoin is on the rise after being listed on top US crypto exchange Coinbase.
In June, Coinbase added VeChain (VET), a crypto project that uses blockchain technology to offer logistics solutions, to its listing roadmap.
The crypto exchange announced Earlier this week, VET and its gas token VeThor (VTHO) were available for trading.
The news sent VeChain flying as it rose from a seven-day low of $0.0146 on September 11 to a peak of $0.0172 just one day later, an increase of 17.8%. The digital asset has since been recovered and is trading at $0.0170 at the time of writing, up 3% over the past 24 hours.
VET was founded in 2015 by Sunny Lu, a Chinese entrepreneur and former director of Louis Vuitton China, with the aim of managing supply chains and tracking products. It currently has partnerships with major companies, such as Walmart and BMW.
VeThor (VTHO), the token linked to the protocol’s gas rates, is an automatically generated digital asset given proportionately to VET holders and used to power the network’s smart contracts.
VTHO is trading at 0.001287 at the time of writing, up 1.62% over the last day. However, virtual assets spiked after Coinbase’s announcement, from a low of $0.000869 on September 12 to $0.001607, a staggering 85% increase.
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Featured image: Shutterstock/jamesteohart/Natalia Siiatovskaia