How to Buy, Manage, and Sell VeChain

Written by Banks Editorial Team
4 min. read
Written by Banks Editorial Team
4 min. read

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Blockchain platforms are changing processes across industries. At the same time, they are creating investment opportunities for everyday investors.

Today, let’s dive into one of the platforms that are quickly gaining more traction. VeChain is a young platform, but it offers a good case study. Let’s look into:

  • What VeChain is
  • The platform’s history
  • How you can buy and store VeChain’s token (VET)
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Get Your VeChain Wallet

Send, receive, and exchange Bitcoin and 200+ cryptocurrencies with ease on Exodus—the world’s leading Desktop, Mobile and Hardware crypto wallet.

What is VeChain (VET)?

VeChain is both a cryptocurrency and a smart contract platform. The platform offers a wide range of niche services related to supply chain management. These services enhance supply chain management and other business processes through the application of distributed ledger technology.

The VeChain token (VET) is the first token offered by VeChain, and presumably the coin that led you to this article. VET is traded as a regular cryptocurrency and used to transfer value in VeChain’s network.

VeChain has a second token called VeChainThor Energy (VTHO), which shouldn’t be confused with VET. VTHO functions as gas within the VeChain ecosystem and is used for smart contract transactions.

With this and the many individual applications offered, VeChain serves as a full-fledged enterprise blockchain platform.

VeChain Uses

VeChain’s stated goal is to have a trust-free, distributed ecosystem that enables:

  • Transparent but safe information flow
  • More efficient collaboration among different members of supply chains
  • High-value transfers conducted at high speeds

In VeChain’s own words, as expressed in their white paper, the vision is one of “lowering the barrier and enabling established business with blockchain technology to create value and solve real-world economic problems […].”

Traditional supply chain data management involves siloed data divided among stakeholders. What VeChain offers as an alternative is a blockchain-powered solution for this “asymmetric” ownership of data. They provide a better-compartmentalized view of the information linked to the supply chain or other processes. The solution includes the supply, transportation, and storage of the information, submitted on a transparent blockchain.

The platform has 3 primary arms by which it offers its services.

  • Thor, the public blockchain
  • Connex, a standard interface connecting VeChain applications with the Thor blockchain and users
  • Sync2, the VeChain browser, desktop, or mobile wallet (your choice)

The History of VeChain

VeChain was first founded in 2015 by Sunny Lu, former CIO of Louis Vuitton China. The company started as a subsidiary of Bitse, one of the leaders of the Chinese blockchain industry. At the time, Bitse was one of the only blockchains to have an established base.

The first VET token was launched on the Ethereum blockchain. However, VeChain started to drift into its own direction shortly after. So, in 2018, VeChain shifted to its own blockchain (VeChainThor) and went through a thorough rebranding. 

Following the 2018 rebranding and repositioning, the initial goal was to use blockchain technology to disrupt real-world industries. They set out to make data more actionable, with the simultaneous effect of adding blockchain transparency. The first target was supply chains, though the company also became active in:

  • Decentralized Apps
  • ICOs
  • Internet of Things (IoT)

Since 2018, VeChain has established relations with several companies. These relationships serve to help VeChain apply its solutions and achieve its mission, laid out in the company white paper

There have been several partnerships since, the most significant perhaps being the partnership between VeChain, Renault, Microsoft, and Viseo to develop a new car maintenance book that is transparent and incorruptible. The goal is notable, fighting against corruption in car maintenance, where fabricated or omitted information has significant negative impacts on end buyers.

VeChain’s blockchain platform is being applied in several new ways in terms of crypto. Transactions on their dApps use VET. The token is, of course, available to the general public, so anyone can start investing.

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Get Your VeChain Wallet

Send, receive, and exchange Bitcoin and 200+ cryptocurrencies with ease on Exodus—the world’s leading Desktop, Mobile and Hardware crypto wallet.

Where Can You Buy, Sell, and Manage Your VET?

Buying, storing, and eventually selling VET requires three steps:

  1. Purchasing the token from an exchange
  2. Storing your VET in an applicable crypto wallet
  3. Going back on an exchange when you wish to sell

Crypto wallets are digital wallets used to store and manage your crypto assets. They often include features that make decisions regarding trading more informed and easier.

If you do not have a wallet that can be used to store VET, the first order of business is to choose one.

Desktop Application

Desktop applications and desktop wallets are hot wallets, meaning they’re connected to the internet. They thus have some security vulnerabilities, but they are convenient if you want to manage your portfolio from a laptop or desktop computer.

Mobile Wallet App

If you want to manage your crypto activities on the go on your smartphone, mobile wallet apps are the storage option for you. These apps are functionally the same as desktop apps, but they were designed for mobile use. There are many mobile apps for crypto storage and trading.

Hardware Wallet

Hardware wallets are the main cold storage option. “Cold” storage means that the private keys of your wallet aren’t stored online. 

Hardware wallets like Trezor come at a relatively high cost. However, many people prefer the safety they offer and find them to be a reasonably convenient option.

Buy, Sell, and Manage VET Using Exodus

Exodus stands out when comparing the different storage solutions that enable VET storage and trading. Exodus is a crypto wallet platform with built-in exchange and several other features.

Key Features of Using Exodus as Your VeChain Wallet

Staking. Exodus users can stake other cryptos like Solana and Cardano within their wallets. Depending on the coin, this can earn the user an APR of 4% to 10%.

  • Trezor integration. Exodus offers its own mobile and desktop apps. However, users can opt for added security through an integration with the Trezor hardware wallet. This way, you gain the security benefits of Trezor and the convenient management of Exodus in the same package.
  • Mobile app. The Exodus Crypto Wallet Mobile App enables you to trade on the go when synced to the Exodus Desktop Crypto Wallet application. You can lock in transactions and have them completed in seconds. You have access to all the cryptos offered on the platform, all with a free download for any iOS or Android phone.

Benefits of Using Exodus as Your VeChain Wallet

VeChain is a diverse crypto wallet. The built-in exchange offers trades in VeChain and over 130 other cryptocurrencies.

Exodus excels when it comes to costs, speed, accessibility, convenience, customer service, and everything else that matters. Its simplicity and ease of use make it an excellent choice for beginners. The interfaces are simple, but if you run into any issues or confusion, the company’s excellent customer service will help you out. For more experienced users, it’s easy to make quick trades and take advantage of staking for passive income.

How to Sign Up for Exodus

Using the Exodus Crypto Wallet is easy. You do not even need to create an account to use the products. All you need is one of the apps that provides you with a wallet and access to the Exodus exchange.

You don’t need a third party to control your assets. Your Exodus wallet is yours to do with as you please. All you need to do is visit the Exodus website and install the app to get started. After that, Exodus recommends that you just back up your wallet to keep it safe.

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