Binance to assist VeChain (VEN) token swap and add a VEN / USDT pair

Just over three hours ago, popular cryptocurrency exchange Binance announced that it would support the future VeChain (VEN) MainNet token swap later in July. The exchange also announced that it will add VEN / USDT trading pairs effective June 22nd.

Binance’s announcement states:

Fellow binancians,

Binance would like to confirm that we will support the VEN Mainnet Token Swap. We will meet all technical requirements for all users with VEN and will make another announcement at a later date regarding the details of the replacement.

Binance will also open trading for the VEN / USDT trading pair on 06/22/2018 at 8:00 a.m. (UTC).

The VeChain Foundation thanked for the exchange via Twitter with the following message:

Thanks to @binance for supporting the upcoming VeChainThor token exchange! The VEN / USDT trading pair is also added – https://t.co/kh8CRMLlJV

– VeChain Foundation (@vechainofficial) June 22, 2018

The VeChain Foundation would also announce a schedule for the launch of VeChainThor MainNet also via Twitter. The main takeaways from the tweet are as follows:

  1. June 30ththe Authority Masternode is provided and the MainNet goes live
  2. June 30th, The Genesis block is generated and VeThor is faked
  3. June 30thAn Ethereum snapshot will be taken and X-Node monitoring will stop
  4. July 9, VeChainThor Mobile Wallet is now available
  5. July 9, X-Node Binding Service available
  6. Mid-July, Exchange Token Swap available, VET on VeChainThor (after 1: 100 split) starts trading
  7. end of JulyThe VeChain Foundation offers a token swap service after the exchange with the token swap is complete
  8. August 1stThe X-Node status monitoring continues in the VeChainThor blockchain
  9. August, VeChain token integration into the general ledger

The addition of VEN / USDT is beneficial for both Binance and VeChain as the project has a large HODLer community as well as avid traders on the exchange. This pairing will improve VEN’s liquidity as the project nears MainNet’s release on June 30th, which is about a week away.

Recent market analysis shows that VEN is currently trading at $ 2.95 and is down 7.05% in the past 24 hours. The loss in value is across the board as the crypto markets have suddenly seen a $ 10 billion drop in total market capitalization in the past few hours. The reasons for the decline are not yet clear, but Ethereum World News will be there to keep its readers updated on any developments.

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