- Coinbase announces support for VeChain (VET) and VeThor (VTHO) on the VeChain network.
- Trading will begin on 13 Sept 2023, if liquidity requirements are met.
In a ripple of excitement across the cryptocurrency community, Collin Brown (@CollinBrownXRP) was among the first to highlight the news, tweeting:
🚀 Coinbase is expanding its horizons! 🌐 Exciting news for #VeChain enthusiasts. 📈 VET Pumped 11% for this reason! 🚀VeChain (#VET) and #VeThor (#VTHO) are now on the radar. Remember, stay on the right track – transfers only on #Coinbase & @CoinbaseExch. 🌟💰 👇👇👇 https://t.co/evjgAV69EH pic.twitter.com/2TVAqXsFkl
— Collin Brown (@CollinBrownXRP) September 13, 2023
Subsequently, Coinbase, one of the leading cryptocurrency exchange platforms, officially confirmed the buzz with their announcement. The tweet from Coinbase Assets, @CoinbaseAssets read:
Coinbase will add support for VeChain (VET) and VeThor (VTHO) on the VeChain network. Do not send this asset over other networks or your funds may be lost. Transfers for this asset are available on @Coinbase & @CoinbaseExch in the regions where trading is supported.
— Coinbase Assets 🛡️ (@CoinbaseAssets) September 12, 2023
This news led to a significant surge in VeChain’s price by 11%.
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Trading Details and Restrictions
Coinbase disclosed that trading would commence on or after 9:30 AM PT on the 13th of September 2023, contingent on the liquidity conditions being met. Once a sufficient supply of these assets is confirmed, trading will be initiated in phases, with VET-USD and VTHO-USD trading pairs.
However, it’s crucial for users to be aware that support for VET and VTHO might be restricted in some supported regions, depending on jurisdictional regulations.
Network Payouts and VTHO Accumulation
While Coinbase is opening its doors for VET and VTHO trading, they made it clear they would not support any network payouts of VTHO to users holding VET on their platform. This means that users aiming to receive these network payouts should transfer their VET to a wallet that supports VTHO payouts.
The VeChain network’s two primary tokens are VET and VTHO. While VET is the main token, VTHO serves as the gassing token, which fuels both VET and VTHO transactions. Those interested in securing VTHO network payouts should move their VET into a compatible self-custodial wallet. Following this, VTHO will accumulate automatically, with no additional actions needed. Users should also recognize that any VTHO network payouts earned from VET held in a Coinbase account will be directed to Coinbase’s digital asset wallets and will not be credited to the user’s personal Coinbase account.