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Table Of Contents
VeChain (VET) was one of the first blockchains built exclusively to cater to the needs of enterprise-level clientele. The developers behind the project seek to improve supply chain and product lifecycle management through the use of distributed ledger technology (DLT). Importantly, the platform offers users a variety of new functionalities that make it ideal for businesses seeking to enhance supply chain protocols and business processes.
Please visit our Investing in VeChain guide to learn more.
How to Buy VeChain (VET) in 4 Steps
The whole process can take as little as 10 minutes, and all you'll need is a smartphone or computer, photo identification, and a means of payment.
- Compare Crypto Exchanges – We list the top cryptocurrency exchanges that offer the ability to buy VeChain (VET) cryptocurrency.
- Create an account – Verify your email address and identity.
- Make a deposit – Debit Card, Credit Card, Wire Transfer, or Bitcoin.
- Buy VeChain – Use your funds to Buy VET.
We list the top 5 exchanges that offer the ability to buy VeChain (VET) cryptocurrency with a credit card, debit card, or Bitcoin (BTC).
Uphold – A top exchange in the United States, Uphold is an experienced and extremely innovative trading platform that should be able to meet your needs for trading across a number of cryptocurrencies, including VeChain (VET). Beyond the ease of use and innovative features within the trading platform, what stands out about the company is the credibility they have gained in the industry.
They offer a desktop and mobile app trading experience that is extremely intuitive. The trading view is completely customizable with the assets that you trade the most, and it has a very easy-to-navigate, and modern feel on both desktop and mobile. It is a very popular and suitable choice, particularly for new traders.
Besides being visibly appealing, the Uphold trading platform allows you to place your trades with great ease. Just a couple of clicks, and you can make trades directly from your deposit method without even having to wait for funds to clear to your account. This one-step ordering is another innovation from the company, which prides itself on the usability of their platform. They have also added the ability to execute limit orders.
UK & European residents are prohibited.
Uphold Disclaimer: Terms Apply. Cryptoassets are highly volatile. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong..
KuCoin is a well-known name in the industry, and one of the most competitive when it comes to fees and trading costs. The exchange has grown exponentially from its early days of offering only crypto to crypto trading. It now offers a varied range of services, including a P2P exchange capability, and purchasing with credit or debit cards.
KuCoin currently offers VeChain (VET) cryptocurrency trading as well as over 300 other popular tokens. It is often the first to offer buying opportunities for new tokens.
USA residents are prohibited.
Binance is one of the largest and most well-known cryptocurrency exchanges in the world. The benefits of purchasing VeChain (VET) here are both lower fees than competing exchanges, and increased liquidity, enabling you to buy and sell quickly to take advantage of market-moving news.
This exchange is best for investors residing in Australia, Singapore, UK & internationally. Canadian & USA residents are prohibited.
Use Discount Code: EE59L0QP for 10% cashback on all trading fees.
4. Huobi Global
Established in 2013, Huobi Global has since become one of the world’s largest digital asset exchanges, with an accumulated trading volume of US $1 trillion. Having once accounted for half of the world’s digital asset transactions, Huobi now serves more than 5 million users in over 130 countries around the globe. It should be noted that Huobi Global currently does not accept USA or Canadian residents.
Huobi Global is one of the top exchanges that currently offer VeChain (VET) trading opportunities.
Launched in 2018, WazirX is India’s biggest cryptocurrency exchange with over 6,o00,000 users, and is expanding rapidly. It is one of the most reputable exchanges to currently offer VeChain (VET) trading opportunities and currently accepts clients from all over the world. This exchange is part of the Binance Group, which ensures a high standard of quality.
USA residents are prohibited.
What is VeChain (VET)?
VeChain is an open-source blockchain project, focused on disrupting supply chains and enterprise operations. Developers at this project launched a custom-built blockchain in 2018, titled ‘VeChainThor Blockchain’, which is capable of executing smart contracts.
What does it do?
VeChain allows for the quick and transparent transfer of value, through the use of blockchain technology. Furthermore, its unique set of attributes allows for complex smart contracts to be executed. These features allow for the blockchain to function as a payment system, in addition to a decentralized data ledger – potentially replacing traditionally compartmentalized systems.
How does VeChain (VET) work?
The VeChain network functions through the use of a dual token system.
VET – As the heart of the VeChain system, VET tokens are used as a means to transfer value between parties.
VTHO – These tokens are used in conjunction with VET during value transfers. VTHO tokens function in the same manner as ‘gas’ on the Ethereum blockchain – fuelling transactions.
These tokens function on the VeChainThor Blockchain, with consensus being reached through the use of a ‘Proof-of-Authority (PoA)’ protocol. PoA is a variation of Proof-of-Stake, which incorporates a block approval system, controlled through a central party. This eliminates the ability for blocks to be created anonymously – a key feature with the blockchain being aimed towards enterprises.
Developer participation in VeChain is quite high, relative to most projects. While still underway, the following are a couple of the upgrades expected to be implemented on VeChain in the coming years.
The VeChain Foundation has, in the past, made it known that the project is being developed with a clear ideology.
“VeChain Foundation believes strongly in compliance and self-regulation…We want to set a standard within the industry to drive home the ideology that blockchain cryptocurrency projects can embody ‘Transparency, Fairness, Openness’, this is our commitment to the community and ecosystem at large.”
Acceptance and Controversies?
Having been launched in 2015, VeChain has been around longer than most projects. This staying power has allowed for modest levels of adoption over the years. Notably, VeChain recently signed a partnership with travel agent giant Travala.com, which will allow for VET tokens to be used as a form of payment on the platform.
For a full list of established partnerships, click HERE. Some of the more noteworthy companies on this list are as follows.
- Walmart China
- BMW Group
- ENN Energy Holdings Limited
Such levels of adoption have allowed for VeChain to firmly entrench itself within the top-30 projects when ranked by marketcap.
Over the course of its life, VeChain has managed to remain relatively free of controversy. The lone event that stands out was a $6.5M hack, which occurred in late-2019. It should be noted that this event occurred due to human error, not a shortcoming in the project coding itself.
To date, no official classification of VeChain has been provided by regulators. While similar projects, such as Ethereum, have been deemed non-securities, the risk remains that this is the case due to a lack of decentralization.
As with any project, proceed with caution when trading/holding, as the classification of a digital asset may change at any time.
Who Made It?
VeChain was created in 2015 by Sunny Lu. Notably, Sunny Lu served as the CIO of Louis Vuitton China prior to spearheading VeChain.
While Sunny Lu remains at the helm of VeChain, the entire ecosystem is overseen by a committee of elected professionals, known as the ‘VeChain Steering Committee’.
Daniel is a big proponent of how blockchain will eventually disrupt big finance. He breathes technology and lives to try new gadgets.
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