Coinbase, the largest crypto exchange in the United States, recently announced that it would add support for VeChain (VET) and VeThor (VTHO) on the VeChain Network. The announcement comes nearly three months after the crypto giant added VeChain and VeThor to its new asset listing roadmap.
Coinbase took to X (formerly Twitter) earlier today to announce the listing of VET and VTHO on its trading platform:
VET is the native token of the VeChain network while VTHO serves as the gassing token. While VTHO is automatically generated for those who hold VET, Coinbase warned that VET holders on the exchange would not receive VTHO network payouts. In order to earn said VTHO network payouts, users would have to move their VET into a compatible self-custodial wallet.
According to Coinbase, VeChain and VeThor trading would begin on or after 9:30 AM PT later today, only if the minimum liquidity conditions are satisfied. Trading on VET/USD and VTHO/USD trading pairs would go live in phases once a sufficient supply of the assets is established. However, support for VET and VTHO may be restricted in some regions.
The news of Coinbase adding support for VET and VTHO sent both tokens soaring. Data from CoinMarketCap shows that VET gained more than 8% over the past 24 hours and witnessed a 192% hike in its daily trading volume. VTHO gained a whopping 21% and saw its daily trading volume hike by 2021%. In June 2023, Coinbase stated in the roadmap section of its blog that VeChain and VeThor had been selected for listing on its trading platform. At the time, VET’s price pumped more than 11% to reach a two-week high.
Meanwhile, Coinbase CEO Brian Armstrong announced earlier today that his exchange had decided to integrate layer 2 payment protocol Lightening Network. Armstrong told his followers on X that the latest development would enable faster and cheaper Bitcoin transactions for the community.
