As one of the most popular cryptocurrency exchanges in the United States, Coinbase has been a gateway for many people to enter the crypto market. Founded in 2012, Coinbase is a digital asset exchange that allows its users to buy, sell, and store cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and more.
Recently, there has been much speculation as to whether or not popular altcoin VeChain will be listed on Coinbase. .
VeChain is a blockchain-based platform that is designed to enhance supply chain management processes. The platform uses two different tokens: VET (VeChain Tokens) and THOR (the VeChain blockchain’s native currency).
VET can be used to pay for transaction fees on the VeChain network and can be traded on cryptocurrency exchanges. THOR is used to power transactions and smart contracts on the VeChain network and can be earned by holding VET in a wallet connected to the VeChain blockchain.
The listing of an asset on Coinbase often leads to a price increase due to the increased exposure and accessibility for investors. For example, when Ethereum Classic was listed on Coinbase in August of 2018, the price of ETC rose by over 12% within 24 hours.
If VeChain were to be listed on Coinbase, it is likely that we would see a similar price increase due to the influx of new investors.
Coinbase has not yet announced whether or not they will list VeChain on their exchange. However, there are a few reasons why it is possible that we may see VeChain listed on Coinbase in the near future.
Firstly, Coinbase has been adding support for a number of new assets over the past year or so. In December of 2018, Coinbase added support for Ethereum Classic (ETC) and then in February of 2019 they added support for Basic Attention Token (BAT).
Both of these assets are similar to VeChain in that they are both altcoins with active development teams and real-world use cases.
Secondly, Coinbase has been known to list assets that are popular in Asia first before listing them on their US exchange. This makes sense given that Asia is home to some of the largest cryptocurrency exchanges and investors. For example, when Ripple’s XRP was first listed on Coinbase Pro (Coinbase’s professional trading platform), it was only available to investors in Asia.
A few months later, XRP was then made available to US investors. Given that VeChain is extremely popular in Asia (it is even being used by Chinese government), it is possible that we will see VeChain listed on Coinbase’s Asian exchange before it is listed on the US exchange.
Lastly, it is worth noting that one of Coinbase’s major competitors, Binance, recently added support for VeChain. Binance is the world’s largest cryptocurrency exchange with over 10 million users.
Given that Binance supports VeChain, it would make sense for Coinbase to add support for Vechain as well so as not to lose any customers to Binance.
Only time will tell if we will see VeChain listed on Coinbase. However, given recent developments and trends, it seems like there is a good chance that we may see this happen in the near future.