Crypto.com announced a partnership with the VeChain Foundation to provide secure custody support for VeChain (VET) and VeThor (VTHO), the native tokens of the VeChainThor blockchain.
This collaboration expands institutional access to the VeChainThor network, a public blockchain “enabling information flow, efficient collaboration, and value transfers for everyday B2B and B2C applications.”
Crypto.com Custody offers custody services to “eligible institutions and high-net-worth clients through a comprehensive, end-to-end solution with safety and security at its core. ”
Through this partnership, institutions can “store, manage, and transact VET and VTHO using Crypto.com’s regulated, institutional-grade custody platform.”
The service offers multi-user permissions, “customizable governance workflows, and insured custody solutions, meeting growing demand for scalable, low-cost, and compliant blockchain infrastructure.”
VeChainThor uses a “dual-token system where VET acts as the value-transfer medium and VTHO covers gas consumption for blockchain operations, allowing the blockchain to maintain cost stability even during periods of high market volatility.”
The network recently introduced dynamic fees “via the gas fee market modelled on Ethereum’s EIP1559, balancing demand and costs, increasing security, and introducing an accelerated deflationary model to the protocol’s tokenomics. ”
Founded in 2016, Crypto.com is trusted by “more than 150 million customers worldwide.”
Crypto.com claims it is committed to accelerating “the adoption of cryptocurrency through innovation and empowering the next generation of builders, creators, and entrepreneurs to develop a fairer and more equitable digital ecosystem.”
Founded in 2015, VeChain launched a “general-purpose, adoption-focused blockchain platform, VeChainThor, to deliver mass adoption of Web3.”
VeChain’s “scalable” network delivers “low-cost infrastructure for developers and businesses to build applications without requiring deep technical expertise.”
Having proven its capabilities over the years, and buoyed by partnerships with global entities such as the UFC, BCG, and Walmart China, VeChain now spearheads a “retail-focused strategy through its VeBetter platform – an app ecosystem that tokenizes and rewards users based on sustainability activities.”
With “over 4 million” users engaging in VeBetter-powered apps and 30+ Million actions tokenized to date, VeChain says it continues its mission to “make blockchain accessible, impactful, and valuable for businesses and people.”
