Bitfinex announces support for VeChainThor token swap

Bitfinex, in an official post, has announced that they will be extending their ‘full support’ for the upcoming VeChain Thor token swap. Bitfinex will now handle all the tasks associated with the token migration between platforms. The main aim of the exchange is to ensure a smooth and hassle-free migration experience for all its users.

Bitfinex's tweet | Source: Twitter

Bitfinex’s tweet | Source: Twitter

Once the token swap is completed, all the VeChain’s tokens that were available prior to the update will stop functioning. The users holding VeChain’s tokens on Bitfinex will be given VET tokens instead in a ratio of 1:100.

The company has declared that further details regarding transactions and suspensions will be given out in the middle of July. The entire process of the VEN-VET token swap is also slated to be completed in the month of July.

Crypto bull, a crypto enthusiast tweeted:

”Thanks Bitfinex! Thank you so much guys!”

Another Twitter user commented on the post:

“Does it have cashback like Litecoin?”

Sunny Lu, the CEO, and Co-Founder of VeChain hopes that his company is the first to put real business applications on a public blockchain. He said:

“Right now if we look at all the existing public blockchains there is a common economic model which is from bitcoin that tries to motivate more people to join the network the cost to use public blockchains is linked to the token valuation on the blockchain directly.”

VeChain Thor token swap has also received support from popular exchanges including Binance, Bithumb and KuCoin.

According to VeChain’s CEO :

“The exchanges will support swapping mid-July. The mobile wallet application will support swapping on the 24th of July (expected.) Either method of swapping and transferring will work, you may use whichever method you prefer based on the instructions here and your personal preference. The end result in either method is the same.”

The post Bitfinex announces support for VeChainThor token swap appeared first on AMBCrypto.