Coinbase Adds VeChain (VET) and VeThor (VTHO) to its Roadmap, Listing Likely Underway

Coinbase, the largest US-based crypto exchange, has announced that VeChain (VET) and VeThor (VTHO) have been added to its roadmap.

The exchange made this known on its official Twitter handle a couple of hours ago. The new development is seen as a huge step forward for VeChain blockchain due to the reputation of Coinbase. It’s worth mentioning that Coinbase is one of the largest exchanges in the world, having over 68 million customers in over 100 countries.

Read Also: What is VeChain (VET)? Here’s Summary about Leading Enterprise Blockchain Platform

What You Need to Know about VeChain Blockchain?

VeChain is a blockchain platform that provides corporate businesses with transparent tracking, administration, and exchange of product data, allowing them to go beyond traditional systems with incompatible databases.

The network seeks to revolutionize the tracking of commodities and data in supply chains by utilizing VeChain’s proof-of-authority mechanism, which functions on the use of a consensus of identifiable nodes that validate transactions. The ecosystem is powered by VeChain’s two native tokens, VET and VTHO, which serve as a method of exchange and expenditure.

VeChain aims to deliver value, trust, sustainability, and collective action to commercial organizations. The supply chain and logistics solution crypto firm is leveraging blockchain technology to increase visibility and transparency, hence simplifying product tracing in the supply chain network.

Many organizations, like Renault and PricewaterhouseCoopers, have been drawn to VeChain’s blockchain technology. Companies are using VeChain’s blockchain network to boost product traceability through QR code scanning.

VeChain is also making great progress against counterfeit goods. In Europe, VeChain was instrumental in the seizure of counterfeit products worth € 33 million as part of Operation Pirates 1, in which the European Union Intellectual Property Office collaborated with various agencies and fifteen European nations to combat counterfeit goods smuggling.

Read Also: VeChain Partners with Boston Consulting Group, Unveils a New Whitepaper: Details

Furthermore, firms such as BMW and Walmart have used VeChain’s blockchain network to safeguard their products from odometer fraud and food provenance tracking, respectively. These collaborations bolster the case for VeChain’s technology capabilities in improving supply chain transparency.

Finally, Coinbase’s move to list VeChain highlights the blockchain’s potential for creating distributed and trustworthy business ecosystems. Coinbase’s latest addition will surely increase VeChain’s prominence, highlighting the myriad of unique options that blockchain technology provides.

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