VeChain Foundation has selected Crypto.com to bring further institutional access and over the counter trading for VeChainThor’s native tokens VeChain (VET) and VeThor (VTHO).
Adopting Crypto.com Custody for its institutional users will allow VeChain to bring custody services to qualified institutions and high-net-worth clients. This means tapping into Crypto.com’s secure custody solution to enable institutions to store, manage, and transact VET and VTHO.
“Digital asset institutions require a custodial solution that provides the best possible service from both a security and liquidity perspective,” said Eric Anziani, president and chief operating officer of Crypto.com.
That is what we have focused on building at Crypto.com, and we are honored to support the VeChain Foundation by enabling custody for their native assets.
VeChain eyes mainstream adoption
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As one of the early crypto platforms, VeChainThor is a blockchain platform that works with a dual-token system. VET is the native token that allows users to transfer value, while VTHO is used for gas fees.
The VeChain team recently unveiled a dynamic fee mechanism that mirrors Ethereum’s EIP1559. As well as security, the model introduced an accelerated deflationary mechanism to VeChainThor’s tokenomics.
“Crypto.com is well established as a leading exchange in the crypto market, and stands at the forefront of mainstream adoption,” said Sunny Lu, chief executive officer of VeChain.
Through this new partnership, we can confidently accelerate our institutional and mainstream adoption strategies using Crypto.com’s world-leading custody services, supported by their robust infrastructure.
The collaboration adds to VeChain Foundation’s growing traction, which includes collaboration with asset manager Franklin Templeton as the platform looks to tap into tokenized financial instruments.
“Our decision marks a significant development for the broader enterprise adoption of tokenized financial instruments— spurred by accelerating regulatory clarity and institutional interest; and exemplified by initiatives like the Genius Act,” the platform noted.
Hayabusa upgrade
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VeChain is also poised for the community vote for its Hayabusa upgrade.
If approved, the activation of the Hayabusa testnet in early September will introduce features such as new tokenomics for VET and VTHO, validator staking model and consensus migration from proof of authority to delegated proof of stake.
Hayabusa is part of the VeChain Renaissance upgrade and comes after StarGate, VeChain’s staking platform, went live. StarGate allows users to stake their VET and mint delegator NFTs to earn rewards.
VeChain Renaissance is VeChain’s roadmap to accelerated adoption, improved tokenomics and decentralization.
The VET token traded at around $0.023 on Monday, about 5% down in the past 24 hours. VET price has dipped 15% in the past 30 days, largely lagging top altcoins that have recently ripped higher.
