Enterprise Blockchain Altcoin VeChain (VET) Jumps After New Coinbase Listing

An enterprise-focused altcoin is surging after being listed by top US-based crypto exchange Coinbase.

In June, Coinbase added VeChain (VET), a crypto project that uses blockchain technology to offer logistical solutions, to its listing roadmap.

The crypto exchange announced earlier this week that VET and its gas token VeThor (VTHO) were available for trading.

The news sent VeChain flying as it soared from its seven-day low of $0.0146 on September 11th to a peak of $0.0172 just one day later, a 17.8% increase. The digital asset has since retraced and is trading for $0.0170 at time of writing, a 3% increase during the last 24 hours.

VET was founded in 2015 by Sunny Lu, a Chinese entrepreneur and former executive of Louis Vuitton China, for the purposes of managing supply chains and tracing products. It currently has partnerships with marquee businesses, such as Walmart and BMW.

VeThor (VTHO), the token associated with the protocol’s gas fees, is an automatically generated digital asset proportionally given to holders of VET that is used to power the network’s smart contracts.

VTHO is trading for 0.001287 at time of writing, a 1.62% increase during the last day. However, the virtual asset spiked after Coinbase’s announcement, going from a low of $0.000869 on September 12th to $0.001607, a staggering 85% increase.

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Featured Image: Shutterstock/jamesteohart/Natalia Siiatovskaia