Binance VeChain’s swap

VeChain’s upcoming MainNet swap has been one of the most awaited events of 2018. The coin is continuously garnering support from its relative exchanges. On 19th July, Binance the largest trading platform by volume conveyed assistance to VEN turning into VET.

On 19th July, Binance tweeted:

“#Binance Information Regarding the Upcoming #VEN/#VET Mainnet Swap
https://support.binance.com/hc/en-us/articles/360007439672…”

Crypto Bigrock, a Twitter user said:

“Binance covers up hacks by staying lay low…binance has recently been hacked with $70 million dollars…theres a reason why binance website or their platform has not been performing upto date lately”

BRAD, a crypto-enthusiast said:

“Lol once again the strangeness of crypto does not disappoint. Why is this announcement causing $VEN to pump? Was this not already anticipated? “

In its official blog, Binance stated that the deposits and withdrawals of VEN will be suspended from 22nd July 2018 0:00 AM [UTC]. After the suspension, the MainNet swap for VEN will begin.

Post the snapshotting process, Binance will distribute VET to all its eligible users at the ratio of 1 VEN: 100 VET. The trading of VEN pairs will be paused at 4:00 AM [UTC] on 23rd July 2018. Binance confirms to take an immediate snapshot of all VEN balances at the exact same time.

The trading pairs of the new VET tokens will be VET/BTC, VET/BNB, VET/ETH and VET/USDT. These pairs will be allowed for trading at 4:00 AM on 26th July. Binance affirms to open deposits and withdrawals of VET in the same timeline. Binance affirms to open deposits and withdrawals of VET in the same timeline.

According to VeChainThor’s whitepaper, the new VET tokens will be available on exchanges in July. With the ongoing rebranding, the token has managed to gain support from various exchanges.

VeChainThor Whitepaper | Source: VeChain whitepaper
Source: VeChain whitepaper

The whitepaper further stated:

“The estimated date when the VeChainThor Wallet makes the VET Token Swap service available is mid-August. The exact date shall be announced via the official Twitter.

On 9th July, VeChain officially announced the launch of its mobile wallet on Android and Apple’s app store.

The app promises to make token swaps and cryptocurrency management easier. The VeChainThor wallet aims to be sure that their mobile wallet is “as secure as it could possibly be”.

The wallet’s release also marks the start of the X Node binding. Once the existing tokens are swapped, the company plans to start the token exchange within the wallet in August.

Additionally, this time period marks the end of the X Node binding which started on 9th July. By early September there will be a second X Node snapshot on Ethereum. Users are advised to perform the token swap before September or may lose all their existing VeChain tokens.

Vechain X Node | Source: Vechain's whitepaper
Vechain X Node | Source: Vechain’s whitepaper

VeChain, in its previous discussions about token swaps, stated:

“The exchanges will support swapping mid-July. The mobile wallet application will support swapping on the 24th of July (expected.) Either method of swapping and transferring will work, you may use whichever method you prefer based on the instructions here and your personal preference. The end result in either method is the same.”

As stated by the group and confirmed by the trading exchange Binance, the VET tokens will be available from 25th July onwards for trading, withdrawal and deposit purposes.