VeChain [VET] token migration announcement by Bitfinex; surges by 11.88% in 24 hours

On 27th August, one of the leading cryptocurrency trading platforms, Bitfinex announced the details about Vechain [VET] Token Migration. The platform announced its support for the VeChain token swap [from VEN to VET] early in the month of July.

In another tweet, the official social media handle of Bitfinex also wrote that the trading of VET tokens on the platform is currently inactive due to the ongoing process of the MainNet swap. The post read:

“VEN trading on @bitfinex is currently suspended whilst we perform mainnet swap. Please stay tuned for further updates. $VET $VEN”

The migration update of VET token swap included the time schedule suspension of the token deposit and withdrawal. Subsequently, the trading in all pairs with VEN [BTC, ETH, USD] will also be deactivated after a snapshot of the balance is taken at the given time.

During this time, the token migration will be under proceedings. The initial ratio of conversion for the funds is set to be 1:100, meaning, a VEN token is equivalent to 100 VET tokens. The platform is supposed to resume the trading of VET pairs [with BTC, ETH, USD] from 15:00 UTC, 28th August.

Bitfinex is a cryptocurrency exchange that allows trading of all the big cryptocurrency pairs on its platform, including BTC/USD, ETH/USD, EOS/USD, ETC/USD, BTC/EUR, ETH/EUR, and NEO/EUR.

Recently, among the bearish markets where other cryptocurrencies are facing much volatility and low lows, VeChain has shown its strength on several occasions.

According to CoinMarketCap, at press time, VeChain saw a hike of 31.03% in the past week and a 11.88% hike in the past 24 hours. Two other top-20 tokens, IOTA [MIOTA] and DASH have also seen a fair amount of surge in their price charts. The VET token is currently trading at a $0.0186 with a market cap of $1.03 billion and a trading volume of $46.2 million in the past day. Furthermore, this is the highest that VET has touched this week.