Vechain, one of the most popular coins in the space right now, has been listed on Bithumb. The news has seen VEN’s price rocketing up to 30% in a recovering market.
This comes after the recent investment made by serial blockchain investor Tim Draper.
One of the largest exchanges in the world by volume , Bithumb is an exchange based out of South Korea with current volume of 400 million dollars as per CMC figures.
According to Bithumb’s announcement,
“Vechain which is listed after review by Bithumb Cryptocurrency Deliberative Committee, is valued as a service blockchain that can be combined with real life and is the payment currency used in the Vechain blockchain which is already spurring development based on many partnerships.”
The news had sent the price of VEN soaring from $2.26 to $2.96, a 30.9% jump, according to CMC figures. At the time of writing, it had corrected to $2.75.
VeChain: A Brief
VeChain is an enterprise focused blockchain. Currently it is tailored for the supply chain space where the blockchain serves many usecases such as supply chain tracking, quality control and anti counterfeit processes. The Vechain team has developed an in-house smart chip that allows a user to access all the relevant information regarding a product which has the chip integrated within it.
The Vechain team has partnered with some of the top companies in the world including Renault and Microsoft for automotive solutions and PwC. It was also chosen as a blockchain technology partner of the Government of Gui’an, China. This comes as a signal of legitimacy from the Chinese administration who has been tough on cryptocurrencies & ICOs in general
According to the press release,
“VeChain will work closely with Administrative Examination and Approval Bureau of Gui’an New Area to provide a blockchain based information system to collect and analyze administrative data, offer privacy protection of data and apply blockchain technology to reform business registration and cut red tape.”
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