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Coinbase lists VeChain (VET), which uses a proof-of-authority mechanism meant to revolutionize the tracking of goods and data, alongside VeThor (VTHO).
Through its official Twitter page, crypto exchange Coinbase today disclosed that it has added two new digital assets, namely VeChain and VeThor.
Assets added to the roadmap today: VeChain (VET) and VeThor (VTHO)https://t.co/rRB9d3hSr2
— Coinbase Assets 🛡️ (@CoinbaseAssets) June 22, 2023
VeChain has two native tokens, namely, VET Coin, used for undertaking transactions on smart contracts, and VeThor, which serves as a gas token utilized when carrying out VeChain settlements. Coinbase listing Vechain would be a big boost for the VET token.
From its official website, VeChain seeks to redefine value, offer interconnected ecosystems, render collective action, enhance trust, and revamp businesses for sustainability purposes. This is because its blockchain network primarily focuses on the enterprise side.
Tackling Counterfeits Using VeChain
VeChain is geared towards offering supply chain and logistics solutions by providing actionable and transparent information through its proof-of-authority framework. As a result, eliminating counterfeits is top of mind as it intends to boost product traceability and sustainability.
For instance, VeChain played an instrumental role in the seizure of counterfeit products worth € 33 million, nearly $36.2 million in Europe.
Through an initiative dubbed Operation Pirates 1, the European Union Intellectual Property Office teamed up with fifteen European nations and various agencies to thwart the smuggling of counterfeit goods like electronic devices, and VeChain took center stage.
Efforts to streamline the supply chain field have also seen VeChain form strategic partnerships with leading companies, such as Renault and PricewaterhouseCoopers. The blockchain boosts traceability through QR code scanning, given that a product’s information is shown from production to the point of sale.
On the other hand, top corporations have been deploying VeChain for various use cases. For instance, BMW utilizes the platform to deter odometer fraud, whereas Walmart uses the blockchain for food provenance tracking.
VeChain has also been spurring more innovations on its network. For example, the network collaborated with top-tier dApp analytics firm DappRadar to enhance cross-chain visibility in decentralized applications.
VeChain recently rolled out a self-custody and fully decentralized digital wallet called VeWorld for optimal user experience, as reported by The Crypto Basic.
Therefore, the decision by Coinbase to add VeChain to its crypto asset list is based on its primary objective of building distributed and trustworthy business ecosystems.