The VeChain (VET) blockchain was one of the earliest implementations of a distributed ledger technology that was designed specifically to meet the requirements of business customers. Through the implementation of distributed ledger technology, the project’s creators hope to achieve improvements in product lifecycle management as well as supply chain management. Importantly, the platform provides users with a variety of additional functionalities, making it suitable for firms trying to improve supply chain standards and business operations.
If you are wondering where to buy Vechain, we list the best 5 cryptocurrency exchanges that allow you to buy VeChain using a credit card, debit card, or cryptocurrency.
What is VeChain (VET)?
The VeChain project is an open-source blockchain initiative with the goal of bringing disruption to company operations and supply chains. In 2018, the ‘VeChainThor Blockchain’ was introduced by the project’s developers, which is capable of performing smart contracts. Through the application of blockchain technology, VeChain enables the swift and transparent movement of value.
In addition, the one-of-a-kind combination of properties it possesses enables the execution of intricate smart contracts. These characteristics enable the blockchain to work as a payment system in addition to a decentralized data ledger, hence potentially supplanting conventionally partitioned systems. The VeChain network operates via a dual token scheme.
As the core of the VeChain system, VET tokens facilitate the movement of value between parties. During value transfers, VTHO tokens are utilized in conjunction with VET tokens. VTHO tokens perform the same role on the Ethereum blockchain as ‘gas’ does, which is to say that they power transactions. Utilizing a ‘Proof-of-Authority’ (PoA) system, these tokens operate on the VeChainThor blockchain.
Where To Buy Vechain in 2022
There are a number of crypto exchanges that support Vechain. However, this can make it challenging for you to find the right platform where you can buy Vechain. To make it easy for you, we have outlined the top 5 crypto exchanges where you can buy Vechain.
1. Uphold
Uphold, a leading exchange in the United States, is an experienced and highly sophisticated trading platform that should fulfill your demands for trading VeChain and other cryptocurrencies. What makes this company stand out from others in the market is not just how user-friendly and forward-thinking its trading platform is but also how much credibility it has established for itself in the sector. It is a popular and suitable option, especially for novice traders. If you are wondering where to buy Vechain, Uphold is a good place to start with.
2. Binance
Binance is one of the world’s largest and best-known cryptocurrency exchanges. The advantages of buying VeChain on this exchange include reduced costs to other exchanges and higher liquidity that enables you to purchase and sell rapidly in response to market-moving news. This platform is ideal for Australian, Canadian, Singaporean, British, and international investors. However, most tokens cannot be purchased by U.S. citizens.
3. KuCoin
KuCoin ranks among the most competitive exchanges in terms of fees and trading prices and is a well-known brand in the business. The exchange has expanded dramatically since its inception when it offered solely crypto-to-crypto trading. It now provides a wide variety of services, including peer-to-peer trading and credit/debit card purchases. KuCoin presently supports the trading of VeChain in addition to more than 300 other tokens. It is frequently the first to give possibilities to purchase additional tokens. This exchange is presently open to U.S. citizens. If you are curious to know where to buy Vechain, KuCoin is a good starting point.
4. Huobi Global
Huobi Global was founded in 2013 and has since become one of the biggest online asset exchanges around the world, with a total trading volume of $1 trillion. Once responsible for 50% of the world’s digital asset transfers, Huobi currently serves over 5 million customers in more than 130 countries. It is important to note that at this time, residents of the United States or Canada are not accepted by Huobi Global. Huobi Global is one of the leading exchanges now offering VeChain trading.
5. WazirX
WazirX is the most popular cryptocurrency exchange in India, with over 400,000 customers, and the company is growing at a rapid rate. They are one of the most trustworthy exchanges that are now providing options for trading on VeChain, and they are accepting customers from all over the world at this time. This exchange is affiliated with the Binance Group, which provides a high-quality standard. If you are curious about where to buy Vechain, WazirX is an excellent place to start.
Is VeChain a Good Investment?
A former senior executive at LVMH, the most successful luxury brand in the world, created the VeChain blockchain platform, which is now one of the most successful projects in the blockchain industry. VeChain’s original purpose was to assist businesses in managing supply chain difficulties in a simple decentralized ecosystem. One of the world’s largest industries is handled by VeChain, which is the primary reason why it is an excellent investment. Although difficult to determine, the supply chain market was worth more than $15.8 billion.
As a result of the increased complexity of the business, it is anticipated that the market would more than quadruple by the year 2026. Consider the strains placed on the supply chain by the Covid-19 epidemic and the conflict in Ukraine. Consequently, there is a possibility that more businesses will adopt the platform in an effort to simplify or resolve some of their greatest obstacles. Consequently, the number of collaborations continues to increase.
DB Schenker, Kuehne & Nagel, Bright Food, Fashion for Good, Haier, and Norway in a Box, among others, are notable companies that use VeChain. As they continue to build their reputation, there is a good likelihood that additional businesses will start utilizing them. Even if the majority of these projects are very modest, there is a possibility that they will become profitable in the long run.
Frequently Asked Questions
What is VeChain and how does it work?
VeChain is a blockchain platform focused on streamlining and securing business processes, especially in supply chain management. It uses a dual-token system: VET for transferring value and VTHO to pay for transactions, similar to gas on the Ethereum network. Its Proof-of-Authority (PoA) consensus makes it efficient and enterprise-friendly.
What are VET and VTHO tokens used for?
VET is the main token used to carry value across the VeChain network, while VTHO (VeThor Token) is used to pay for network transactions. Holding VET also generates VTHO over time, giving users the ability to cover future transaction costs passively.
Where can I buy VeChain (VET)?
You can buy VeChain on multiple cryptocurrency exchanges including Uphold, Binance, KuCoin, Huobi Global, and WazirX. These platforms offer various purchase methods like debit/credit card payments or trading against other cryptocurrencies.
Is VeChain a good investment?
VeChain is considered a strong project due to its real-world utility, business focus, and growing list of enterprise partners like DB Schenker and Haier. Its applications in supply chain management make it especially relevant in times of global disruption. However, as with any investment, it's important to conduct your own research.
Can U.S. residents buy VeChain?
Yes, but options may be limited. Binance (global version) does not serve U.S. customers directly, but VeChain is available on U.S.-friendly exchanges like KuCoin and Uphold. Always verify whether a platform operates in your region before signing up.
