Uphold Prepares to Integrate VeChain into its Platform

VeChain, will be integrated with the Uphold crypto exchange. (Photo; Doc. ETH News)

JAKARTA - Uphold, a leading crypto exchange from the United States, is considering integrating VeChain (VET) on its platform. This is due to increasing interest in these crypto assets, both in terms of price and use.

Martin Hiesboeck, Head of Research at Uphold, hinted at VeChain's integration plans in a recent post on X, a social media platform dedicated to the crypto community. Hiesboeck emphasized VeChain's significance in the supply chain management landscape, which is one of the sectors that will benefit most from blockchain technology.

Hiesboeck revealed that Uphold has recently experienced a significant increase in VET-related transactional activity. This revelation coincided with an extraordinary jump in VET prices of more than 50% in a week, rising from 0.02977 US dollars (IDR 464.85) to 0.05085 US dollars (IDR 794.32).

While specifically dropping hints that VeChain integration appears imminent, Hiesboeck also outlined the company's perspective on trusted supply chain assets. He highlighted that VeChain was one of the crypto projects that rose during the last surge, but ultimately faded from the spotlight. However, he emphasized that the project's absence from public attention does not imply its demise.

Instead, he noted that as the regulatory framework becomes clearer, projects with real use cases are gaining more attention, citing VeChain as a prime example. He also quoted several trusted foreign crypto media sources who provided positive reviews about VeChain and its potential.

VeChain in the Supply Chain

Hiesboeck explained that VeChain operates as a blockchain platform dedicated to optimizing supply chain management and business processes. Not only that, the team behind VeChain strives to offer transparent and secure solutions to track product life cycles, combat counterfeiting, and ensure quality assurance across various industries.

The team is pursuing this grand ambition by leveraging distributed ledger technology (DLT), which enables immutable data logging and is verifiable by all parties involved. Additionally, Hiesboeck highlighted that VeChain uses smart chips and an immutable blockchain ledger to authenticate and assess product quality.

This technology has applications in various industries, such as luxury goods, agriculture, beverages and logistics. Some examples of VeChain clients who have utilized this technology are Walmart China, BMW, LVMH, H&M, and others.

VeChain Platform Token

VeChain has introduced two different digital assets to facilitate certain activities on its platform: VeChain Token (VET) and VeChainThor Energy (VTHO). VET serves as the primary medium for value transfer, while VTHO powers smart contract transactions. Additionally, VTHO has shown more significant gains than VET, notably surging more than 111% in the last seven days.

While mentioning VeChain's commitment to sustainability, Uphold's Head of Research hinted at an upcoming announcement from the Uphold team. He said that Uphold will soon announce the integration of VeChain on its platform, which will allow users to buy, sell and store VET and VTHO easily and securely.

In a more recent tweet, Hiesboeck expressed his admiration for VeChain, saying:

“I spent today exploring the documentation and history of VET in supply chains, an industry notoriously difficult to change, and the move towards sustainability and ecology. Very impressed.”

Thus, Uphold prepared the integration of VeChain, which is one of the most promising crypto assets in the field of supply chain management. This shows that Uphold follows developments in the crypto market and tries to provide the best service for its users.