Traceability blockchain protocol VeChain (VET) has hit a major milestone with the Hong Kong Virtual Asset Consortium (HKVAC). Per a tweet from the one of the biggest advocates of the blockchain, VeChain native token VET will be listed alongside many other cryptocurrencies as part of the “HKVAC Large Cryptocurrency Index”
VeChain x HKVAC
HKVAC, a virtual asset rating agency in Hong Kong, announced today that VeChain $VET will be included in the “HKVAC Large Cryptocurrency Index” alongside $BTC, $ETH, and several others. 👏#VeChain $VET #Crypto #Bitcoin #Ethereum #Cryptocurrency #Tech #HongKong pic.twitter.com/jFsTRrL2tY
— eisenreich (@eisenreich) June 27, 2023
The first batch of the index contains 30 crypto assets including WBTC, BTCB, stETH, BCH, LTC, BNB, MATIC, ADA, ATOM, FIL, NEAR, ALGO, ICP, XRP, DOGE, DOT, WTRX, SHIB, TRX, LINK, LEO, XMR, XLM, OKB, LDO, HBAR, QNT, FTM, and EOS.
According to VeChain Insider, a crypto index is a basket of ious cryptocurrencies that follows the performance of the underlying cryptocurrencies. It is a strategy to help investors to gain exposure to many cryptocurrencies by buying just one product.
Previously, cryptocurrency trading in Hong Kong was limited to institutional investors, but a new regulation which will hopefully take effect by the second half of 2023, will see to it that every citizen can buy crypto
Currently, many crypto exchanges are preparing for this launch HKVAC is known to promote Hong Kong to become the world’s largest and safest virtual asset market. The service provider offers research and ratings on virtual assets including cryptocurrencies. Hence, most of these cryptocurrencies were chosen based on their market capitalization and other factors
For any crypto to get listed on the Index, they are required to have a market cap of over $10 million and a daily trading volume of over $100,000. Also, any coin on the HKVAC Large Cryptocurrency Index should have been publicly traded for a minimum of 3 months. In the meantime, the index does not accommodate stablecoins or any other pegged crypto or even Bitcoin (BTC) and Ethereum (ETH).
This is a significant achievement for VET as the listing will grant it exposure to more investors. In turn, this exposure plus Hong Kong’s new drive to become a major hub for blockchain technology, will drive the mainstream adoption and growth of the token, especially as a smart payment currency
Markedly, this news comes only a few days after American publicly traded company and crypto exchange Coinbase hinted at listing VET and VeThor (VTHO), the two native tokens of the VeChain blockchain
While VET is utilized to settle transactions on smart contracts, VTHO on the other hand, is the token used to settle gas fees for transactions on the network. VeChain technology was also adopted by Samsung Heavy Industries recently to verify data transmission for its ship’s autonomous sailing (SAS) and electronic logbook (eLogBook). Renowned retail store Walmart expanded its partnership with VeChain to accommodate more products.
Generally, the rate of adoption of VeChain’s technology is an indication of the growing interest in supply chain management and sustainability across several industries.
