Enterprise Blockchain Altcoin VeChain (VET) Jumps 15% After Coinbase Announcement [Advance Cash ]

Enterprise Blockchain Altcoin Vechain (Vet) Jumps 15% After Coinbase Announcement

A blockchain focused on enterprise solutions jumped 15% in the past 24 hours on news of its addition to Coinbase's roadmap.

Yesterday, Coinbase Assets announcement the additions of VeChain (VET) and VeThor (VTHO) to its listing roadmap.

"Assets added to the roadmap today: VeChain (VET) and VeThor (VTHO)."

VET is worth $0.0188 at the time of writing, up 15% in the last 24 hours. VeThor is worth $0.00122 at the time of writing, up over 18% over the same period.

VeChain is a platform that uses blockchain technology to offer solutions for supply chain management, product traceability and counterfeit prevention. It operates as a public blockchain using a proof-of-authority consensus mechanism and was established in 2015 by Sunny Lu, a former CIO of Louis Vuitton China. VeChain has partnerships with major companies, including Walmart China and BMW.

The VeChainThor blockchain has two separate tokens - VET and VTHO. VET is the primary token that stores value and facilitates transactions on the network while VTHO is a gas token that powers smart contracts on the VeChainThor blockchain.

VET holders automatically generate VTHO. The amount of VTHO generated is proportional to the amount of VET held. VTHO is used to pay for transactions on the VeChainThor blockchain.

VTHO is a finite resource that runs out when powering smart contracts. As a result, its supply continually decreases, which in theory makes it more valuable over time.

Coinbase's listing roadmap outlines crypto assets being evaluated for possible inclusion on its platform. The roadmap is frequently updated to reflect new and revised assets.

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