Bitfinex Confirms Support for VeChain Thor Token Swap
Bitfinex, through a tweet on their verified Twitter account, confirmed that they would entirely back the impending VeChain Thor token swap. The tweet implies that Bitfinex will be in charge of the transition of tokens between the two platforms mentioned above. Primarily, Bitfinex's role is to ensure that the migration process is seamless and swift.
After the completion of the token swapping process, all VeChain tokens that existed before the latest update will no longer be functional. As a result, all investors who currently hold VeChain tokens on the Bitfinex platform will receive the new VET tokens, in the ratio of 1:100. Moreover, Bitfinex proclaimed that it would release extensive details concerning suspensions and transactions before the end of July 2018. Also, the whole process of transitioning from VeChain to Thor tokens is expected to the completed within the same period.
As expected, the tweet by Bitfinex received multiple responses. A crypto hobbyist known as Crypto Bull thanked Bitfinex for showing support to the upcoming migration. Additionally, a random Twitter user sought to know whether the process will have cashback, an incentive that was present in Litecoin.
Sunny Lu, the CEO of VeChain, is hopeful that his firm is the first to establish real-life business applications on a public distributed ledger. Sunny said that upon evaluation of the existent public blockchains, on can deduce that they follow a particular business model that originated from Bitcoin. Typically, this model encourages individuals to join the network, and the cost of using the blockchain is influenced directly by the token valuation on the same blockchain.
Besides Bitfinex, the VeChain Thor token migration has also been backed by other prominent crypto exchanges such Bithumb and Binance. According to Sunny Lu, the swapping will commence on the exchange platforms as from mid-July. Later on, mobile wallets will also support the migration process.
We are pleased to announce full support for the upcoming VeChain (VEN) Thor token swap.https://t.co/889T24dMZn
— Bitfinex (@bitfinex) July 6, 2018