Singaporean cryptocurrency exchange Bitrue has teamed up with popular decentralized technology application platform VeChain.
This is according to an official press release on Monday, February 24, 2020. The partnership is facilitated by VeChain investment unit CREAM.
About the partnership
In line with the partnership, Bitrue will host Vechain native token VeThor Token (VTHO). The token is mainly used to catalog and classify data on VeThor DLT.
Beginning from February 24, 2020, Vechain users will be able to trade VTHO/Bitcoin pairs every week.
Before this, Vechain (VET) holders would receive VTHO tokens on a monthly basis. This partnership will commemorate the weekly distribution of VTHO tokens to VET holders.
Bitrue will also lend its support to the VIP180 token ecosystem. Ensuring fast completion of listing services for tokenized projects on the CREAMethod and VeChain ecosystems.
Speaking on the partnership
Bitrue disclosed that partnering with VeChain was majorly due to the similar nature of its ecosystem to that of XRP. For the uninformed Bitrue is popularly known as an XRP-focused exchange.
Curis Wang, CEO of Bitrue confirmed this, adding that XRP and the blockchain platform both have a similar ecosystem. And are actively involved in facilitating worldwide cryptocurrency and blockchain awareness and subsequently adoption. Wang also pointed out that the entire Bitrue community is excited about this partnership. While adding that users’ interest in both communities superseded all other factors in the partnership. He promised to further improve user-centered products and services while ensuring both new, old and future users are all well catered for.
Commenting on the partnership, Jackson Fu, co-founder of VeChain investment arm CREAM, pointed out that Bitrue is well-known for its dedicated service to its users. Hence it is their first choice for a partner.
He further added that he has high hopes for the partnership and look forward to it doing “wonders to boost the VeChain and CREAM ecosystem”.
We are proud to announce our partnership with @BitrueOfficial. As a result, Bitrue will list $VTHO, implement X Node benefits & develop enhanced services for the $VET & CREAMethod community. We continue to strive to bring more value to our stakeholders. https://t.co/bnIi6bnREO
— CREAMethod (@CREAMethod) February 24, 2020
As earlier stated, CREAM is the investment arm of the blockchain platform. It is popularly rumored to be the driving force behind VeChain’s fast growth. Convincing financial institutions, venture capital, and even government agencies to participate in the expansion of VeChain and CREAM. The blockchain platform looks to create more crypto use cases. In December it partnered with Anhui Tea Industry Association to promote tea traceability.
Just last month, renowned AI-powered cryptocurrency trading platform, OceanEX, also launched a perpetual contract on the VeChain platform.