Prominent American exchange Uphold is contemplating the integration of VeChain (VET) amid heightened interest in the asset.
In a recent post on X, Martin Hiesboeck, Head of Research at Uphold, hinted at this possibility, emphasizing VeChain’s significance in the supply chain management landscape.
Hiesboeck disclosed that Uphold has recently experienced a significant uptick in transactional activities related to VET. This revelation coincides with VET’s remarkable price surge of over 50% within a week, rising from $0.02977 to $0.05085.
While specifically hinting that integration of VeChain seems imminent, Hiesboeck outlined the company’s perspective on the trusted supply chain asset.
as $VET is currently spiking on @UpholdInc where we will likely integrate the Vechain sooner or later, here is our take on this and trusted supply chain play. Once again, this is #SeriousCryptoForSeriousPeople
Vechain is one of those projects that rose during the last bull run,… pic.twitter.com/71Wq8vKpti
— Dr Martin Hiesboeck (@MHiesboeck) February 15, 2024
Hiesboeck highlighted that VeChain was one of the projects that gained traction during the last bull run but eventually faded from the spotlight. However, he emphasized that the project’s absence from public attention does not imply its demise.
Meanwhile, he noted that as regulatory frameworks gain clarity, projects with tangible use cases are gaining prominence, citing VeChain as a prime example.
VeChain in Supply Chain
Hiesboeck stated that VeChain operates as a blockchain platform dedicated to optimizing supply chain management and business processes.
Notably, the team behind VeChain seeks to offer a transparent and secure solution for tracking product lifecycles, combating counterfeiting, and ensuring quality assurance across diverse industries.
The team pursues this lofty ambition by leveraging distributed ledger technology (DLT).
Furthermore, Hiesboeck highlighted that VeChain utilizes smart chips and the immutable ledger of blockchain to authenticate and assess the quality of products.
This technology finds applications across diverse industries, such as luxury goods, agriculture, beverages, and logistics.
VeChain Platform Tokens
VeChain has introduced two distinct digital assets to facilitate specific activities on its platforms: VeChain Token (VET) and VeChainThor Energy (VTHO).
VET functions as the primary medium for value transfer, whereas VTHO fuels smart contract transactions. Besides, VTHO has exhibited even more substantial gains than VET, notably surging over 111% within the past seven days.
While citing VeChain’s commitment to sustainability, the Uphold Head of Research hinted at an upcoming announcement from the Uphold team.
In a more recent tweet, Hiesboeck expressed admiration for VeChain, saying:
“I spent the day looking through VET documentation and history in the supply chain, a notoriously change-resistant industry, and the move to sustainability and ecology. Very impressed.”
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