VIDT Datalink (VIDT) Swapped Token will be listed on Binance, one of the leading cryptocurrency exchanges, today, that is, November 9, 2022. This token swap will replace the existing token with VIDT DAO. This is a rebranding strategy that has been used by the network for scaling purposes. Therefore, Binance which had listed earlier its older version will support this action.
The crypto exchange had already suspended margin trading a borrowing of the token a month back. This was due to the fact that if they gradually did not shut down the trading activities that had been undertaken, it would be very difficult for the rebranding to take place smoothly. It then delisted every spot trading pair that existed with the older version of VIDT.
The VIDT Datalink CoinMarketCap page suggests that it is:
“A blockchain data verification platform. The mission of the project is to ensure the authenticity of data, provide verification, secure certification and protection of digital assets. A user registers a file on the platform, and VIDT Datalink generates a hash and saves it on the blockchain. Thus, changes to the file and any intervention from a user will also affect its hash, which will be detected by VIDT Datalink.”
Details About The Recent Binance Listing
The token swap would include the following operations that would support the distribution of the newer version of VIDT.
- At 2022-11-09 08:00 (UTC), trading will open for VIDT/USDT, VIDT/BUSD, and VIDT/BTC spot trading pairs. Binance will also add VIDT DAO (VIDT) to the list of supported cryptocurrencies on Binance Pay.
- Binance will recover all VIDT Datalink (VIDT) balances and begin the distribution of VIDT DAO (VIDT) to all eligible users at a ratio of 1 old VIDT = 10 new VIDT.
- Binance will make a separate announcement after the token swap is complete to notify users when deposits and withdrawals of VIDT DAO (VIDT) will be opened.
Since the crypto domain is dynamic enough, announcements like these are of great importance as they can affect investors both positively and negatively, depending on the situation. But we hope that the rebranding goes on smoothly and the VIDT Network is able to achieve their set goals and objectives.