Leading crypto exchange, Binance announced the listing of VIDT Datalink to its Innovation Zone, thus permitting its certain users to trade newer cryptocurrency token offerings directly from their Binance account, and also protecting less suited investors from being exposed to the potential risks that come with trading them, particularly the new decentralized finance [DeFi] tokens.

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The official announcement also revealed that trading for VIDT/BTC and VIDT/BUSD trading pairs will be opened from the 9th of October.

The blog post further mentioned,

“Users can now start depositing VIDT in preparation for trading.”

VIDT in brief

It is essentially a blockchain-powered data validation platform that aims to certify and secure all digital assets. So far, it has raised $3.25 multi-million via private and public token sales. Founded by Marnix van den Berg, Pim Voets, Ceciel van Helden, and Wico van Helden, the project runs on the Ethereum blockchain, with its utility token VIDT running as an ERC-20 token and used as the means for payment in the V-ID platform.

Shortly after its very low-key ICO back in September-December 2018, the VIDT token became significantly popular as the project onboarded clients such as Airbus Defence & Space, AmSpec, Krohne, and JWC Superyachts and fruitful collaborations with IBM, CMS Law, DigiByte, and Nyenrode Business University. These developments pushed the token price has recently reached its previous all-time high of around $0.24 in February this year.

Binance Effect:

Six months later, VIDT peaked again after it hit $1.20 in value. Despite this, VIDT registered a steady fall, hitting a low of $0.34. As the DeFi tokens underwent a recovery, VIDT noted a mild uptick. Another crucial factor for the appraisal of the token was the news of DigiByte joining V-ID Blockchain’s ‘VIDT Datalink’ data verification solution.

But the latest announcement of the token listing on the Malta-based cryptocurrency exchange’s innovation zone has further catapulted the coin to record an approximately 40% increase from $0.50 to the press time price of $0.70 in the last 24-hours., according to the above Coingecko chart.

This is not the first time that the “Binance effect” materialized in which a token’s price allegedly experienced fast appreciation once listed. A number of tokens in the past posted significant gains after landing on the major centralized exchange.

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Ketaki Dixit

Experienced writer and editor with a demonstrated history of working in the industry. Skilled in Copywriting, Web Content Writing, Copy Editing, Writing, Cryptocurrency News Writing, and News Editing.