The upcoming VeChain (VEN) MainNet token swap scheduled for July will be supported by Binance. In addition, they announced that the trading pair VEN/USDT would be immediately added to the exchange.
Binance confirmed the support of the token swap this morning. All swap technical requirements for users of the exchange holding VEN will be handled by Binance. All additional details will be offered at a later date.
In May, VeChain launched their own blockchain network. The blockchain is called VeChain Thor. Their token, VEN, will be issued on their blockchain. That means that it will no longer be an ERC-20 Ethereum based token. The IDEX exchange, being Ethereum-based, cannot support either trading or airdrops of the new VEN token on their platform.
This is a big announcement for the crypto space and has generated a lot of talk. Binance is one of the largest cryptocurrency exchanges in the world.
Following the announcements by Binance, the VeChain Foundation thanked the giant exchange with a Twitter message. They tweeted their gratitude and thanked the exchange for their support with the coming token swap. They also, like Binance, pointed out the trading pair addition.
VeChain Activity Timeline
Additional information in timeline format was tweeted about the VeChain Thor MaiNet launch. Here’s pertinent information taken from the tweet:
Deployment of the Authority Masternode happens June 30th. MainNet will also go live on that date. Generation of the Genesis block is also scheduled for June 30 at which time VeThor will be “forged”. The last activity at the end of June will be the taking of an Ethereum snapshot. Then monitoring of X-node will cease.
Jumping to July 9th, the VeChain Thor Mobile Wallet will be made available. In addition, X-Node Binding service will be available.
Mid-July is when the exchange token swap will be available. The swap is for VET on VeChain Thor and trading will start after the 1:100 split.
Moving to the end of July, after the exchanges have completed the token swap then the VeChain Foundation will provide a token swap service.
Finally, on the first of August, monitoring of the X-Node status gets going again. This will be happening on the VeChain Thor Blockchain, of course. Lastly, later in August, there will be VeChain token integration with the ledger.
There has been a recent VEN price dip. With the launch of MainNet, a price jump is expected. Whether that happens or not remains to be seen.
Adding the VEN/USDT trading pair is seen as a plus for both VeChain and Binance. Traders are enthusiastic about the addition. There is also a good sized HODler community involved.
More Binance Action
There has been a lot of activity within the Binance sphere lately. Within the last month, the multi-language cryptocurrency exchange has listed five new crypto coins on their platform. ZenCash (ZEN) has been added along with Skycoin (SKY), Theta (THETA), TrueUSD (TUSD), and Civic (CVC).
They have also gotten involved with a start-up accelerator program. The Malta Stock Exchange recently launched MSX FinTech Accelerator Program with the support of Binance.
Through that program, start-ups will be assisted with services such as payroll and accounting. Also, state of the art communication assistance, a training center, conference rooms, and office space will be provided.