VeChainThor Leads Crypto Market Higher Following Launch of OceanEX Exchange

VeChainThor (VET) received a notable price boost Wednesday after OceanEX launched its VET-backed digital currency exchange, a move that could springboard demand for the IOT-focused cryptocurrency.

VET Price Update

Among the top-20 cryptocurrency projects, VET was the best performer on Wednesday. VeChainThor’s native token jumped 8.7% to $0.011, according to CoinMarketCap. The coin appreciated more than 8% against bitcoin to trade at 0.00000183 BTC.

At current values, VET has a total capitalization of $651 million, placing it in the no. 19 spot on the active crypto-market rankings. VET trade volumes exceeded $23 million on Wednesday, with Binance accounting for more than 60% of the daily turnover.

VET’s performance far outpaced the broader cryptocurrency market in terms of percentage gains. The total market cap, which includes bitcoin, altcoins and tokens, rose 0.9% to $210.4 billion, based on latest available data.

OceanEX Goes Live

Following a successful crowdfunding campaign, which included whitelisting potential investors and tapping into the VeChain community, OceanEX has officially launched its new cryptocurrency trading platform catering specifically to VET. The so-called ‘intelligent cryptocurrency exchange’ touts bank-level SSL security and real-time execution. According to the official OceanEX website, the trading platform can process 1.2 million orders per second and has been optimized to ensure sufficient liquidity.

The platform will also introduce the OCE token, which will facilitate trades and account services on the network. OCE tokens can be used to settle listing and transaction fees as well as access to a new research portal called OceanLab.

OceanEX must still undergo beta testing but is currently accepting new signups.

Hacked.com’s Joshua Larson conducted an in-depth ICO analysis of OceanEX back in July. The project received a favorable score of 6/10 based on its opportunities and vision. At the time, Larson noted the following:

“Because VeChainThor has such an enthusiastic community, one tweet created enough hype to get OceanEx in the game. And despite not having a whitepaper or any kind of evidence of work being done, they have sold out the private sale and will probably quickly sell out the community sale.”

Meanwhile, recent developments in the Arkane network have made it easier for developers to build decentralized applications on the VeChain platform. The Arkane Network is an open-source protocol with a built-in wallet function that supports multiple blockchains. It was initially developed for the FundRequest platform but has since been democratized to serve the blockchain community as a whole.

VeChain has developed national-level partnerships with the Chinese government aimed at boosting commercial adoption of blockchain technology. Its favorable position on the mainland, combined with its commercialization of the Internet of Things, makes it a strong contender to lead the market in future years.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Author:
Chief Editor to Hacked.com and Contributor to CCN.com, Sam Bourgi has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Avid crypto watchers and those with a libertarian persuasion can follow him on twitter at @hsbourgi