What’s Making VeChain (VET) Price Skyrocket Over 12%?

The overall market has been showing signs of strength as the price of Bitcoin (BTC) retests the coveted $25K level, while altcoins also appear to be trading mostly in the green. However, the price of VeChain (VET) witnessed a significant uptick on February 20 with the release of their VeWorld self-custody wallet.

VeChain Launches VeWorld

One of the many advancements the VeChain Foundation has planned for this year is the recently created wallet, which is anticipated to offer customers a wide range of advantages. The wallet would enhance the VeChain ecosystem’s overall user experience, according to the foundation. Additionally, the wallet also has a lengthy feature roadmap planned, indicating that it would continue to evolve over time with future updates.

At launch, the wallet will give users the ability to generate and import wallets, manage cryptocurrency portfolios, securely transact on decentralized applications (DApps), send and receive cryptocurrency, and use a Ledger hardware wallet to administer digital assets. This new development follows closely on the heels of the VeChain network passing 2 million addresses that are known to exist.

Whil speaking on the announcement and future endeavours, the VeChain team was quoted as saying:

The pace of development at VeChain has increased significantly since our move and we expect this to grow further in the months and years ahead.

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VeWorld Self Custody Wallet Details

Planned features for the wallet include a carbon calculator that will enable users and businesses to measure the carbon emissions connected with their activities, a direct fiat on-ramp, native NFT integration, DEX integration, bridge connection, and a number of other integrations.

According to the announcement, an online wallet version of VeWorld will soon be made available for download at veworld.net. Nevertheless, there are also plans to offer mobile and desktop versions of the wallet within the third quarter of this year. This will provide customers with further freedom in the manner in which they choose to handle their assets.

As things stand, the price of VeChain (VET) is currently trading at $0.032 which represents an increase of 12% over the past 24 hours, in contrast to a massive jump of 41% over the last seven days, according to CoinGape’s crypto market tracker.

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Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now – he has seen it all.