Coinbase Global Inc, one of the world’s largest cryptocurrency exchanges, has recently shone a spotlight on VeChain’s significant advancements. In an announcement today, the exchange revealed the addition of VeChain’s native tokens, on its roadmap.
VeChain is a blockchain platform designed explicitly for supply chain management and the management of enterprise business processes. The network has two tokens namely VET Coin (VET) and VeThor (VTHO). VET is utilized to settle transactions on smart contracts while VTHO is the token used to settle gas fees for transactions on the network.
Coinbase’s interest in VeChain reflects the growing importance of supply chain management in various industries. With blockchain technology, businesses can track their products’ origin, journey, and other information, promoting transparency and enhancing consumer trust.
Assets added to the roadmap today: VeChain (VET) and VeThor (VTHO)https://t.co/rRB9d3hSr2— Coinbase Assets 🛡️ (@CoinbaseAssets) June 22, 2023
Although the new additions are not available for trading on the platform yet, Coinbase said the tokens meet its listing standard across legal, compliance, and technical security.
Notably, VET’s role in the future of blockchain markets lies in its ability to facilitate transactions and support smart contracts. VET holders have access to a range of services and features, with the ability to earn rewards through staking and running nodes on the VeChain network. Hence, this allows VET users to participate in the platform’s governance and decision-making processes.