A little over 3 hours ago, popular cryptocurrency exchange, Binance, announced that it will be supporting the future VeChain (VEN) MainNet token swap later on in July. The exchange also announced that it was adding VEN/USDT trading pairs effective today, June 22nd.
The announcement by Binance stated the following:
Binance would like to confirm that we will support the VEN Mainnet Token Swap. We will handle all technical requirements involved for all users holding VEN and will make a further announcement regarding the details of the swap at a later date.
Binance will also open trading for the VEN/USDT trading pair at 2018/06/22 8:00 AM (UTC).
The VeChain Foundation expressed its gratitude to the exchange via twitter with the following message:
— VeChain Foundation (@vechainofficial) June 22, 2018
The VeChain foundation would also announce a timeline of the VeChainThor MainNet launch also via twitter. The key takeaways from the tweet are as follows:
- June 30th, the Authority Masternode will be deployed and the MainNet will go live
- June 30th, The Genesis block will be generated and VeThor will be forged
- June 30th, An Ethereum snapshot will be taken and X-Node monitoring will pause
- July 9th, VeChainThor Mobile Wallet will now be available
- July 9th, X-Node Binding service available
- Mid-July, Exchange Token Swap available, VET on VeChainThor (after 1:100 split) starts trading
- End-July, VeChain Foundation will provide token swap service after exchanges are complete with the token swap
- August 1st, X-Node status monitoring resumes on the VeChainThor Blockchain
- August, VeChain token integration with ledger
The addition of VEN/USDT is beneficial to both Binance and VeChain for the project has a large HODLer community as well as enthusiastic traders on the exchange. This pairing will enhance the liquidity of VEN as the project inches closer to the MainNet release on the 30th of June: which is approximately one week away.
Current market analysis indicate that VEN is currently trading at $2.95 and down 7.05% in the last 24 hours. The decrease in value is across the board for the crypto markets have suddenly experienced a decline to the tune of $10 Billion in total market capitalization in the last few hours. The reasons for the decline are yet to be concluded upon, but Ethereum World News will be there to update its readers on any developments.