VYNK Chain and its native token VYNC describes itself as ‘the next intelligent step’ in financing and promises to bring a fusion of high-end tech with an entrusted ecosystem.’ This popular DeFi token comes from VynkPay and has found success throughout Asia, Africa, the US, and the UK.
In this article, we explore this token, provide a guide on how to purchase it, and answer a few questions about the coin.
What is VYNK?
VYNK Chain was first created in 2020 but was formally released in April 2022 by CEO and founder Meervali Shaik. The VYNK Chain is a DeFi platform that offers a host of financial services and VYNC is the native token to this platform.
This platform operates on the Ethereum standard and aims to create a world decentralized economy with a crypto ecosystem that spans the US, UK, Asia, and Africa. It appears that the primary business model of Vynk is to create a system of trusted interlocking financial systems that all benefit from each other and function via its native token VYNC. Already this company has enjoyed success through VynkPay and various blockchain apps.
At the time of writing VYNC and its VYNC Chain is rated #3886 globally by the Coinmarketcap coin rank and has a market cap of nearly $10,000,000.
Step 1: Register on Fiat-to-Crypto Exchange
Getting some VYNK is a relatively simple process and to do so you need to own some other cryptocurrency, like Bitcoin (BTC) or Ethereum. (ETH) In this handy guide, we will be using BTC for our example.
To obtain BTC, you must first sign up for a Fiat-to-Crypto Exchange. There exists a host of different Fiat-to-Crypto Exchanges on the market and each will have its own services and associated fees. But in this guide, we are going to be using CryptoWallet.
Firstly, download CryptoWallet onto your device, this can be done via The Apple App Store or the Google Play Store.
Once downloaded, simply follow the on-screen prompts to link one of your existing fiat accounts to your new CryptoWallet App. Once successfully linked you can then send some fiat money to your CryptoWallet account.
Step 2: Buy BTC with Fiat Money
After you’ve sent some fiat currency to your CryptoWallet App you can trade that currency for BTC. To do this, go over to the BTC trading tab, choose the amount you wish to buy, and then click ‘buy.’ CryptoWallet offers several purchasing options, which may be used with its built-in market tools and real-time market data to assist you to make the best possible trade.
After you’ve completed the trade, the quantity of BTC you purchased, as well as any other remaining funds, will be shown in your CryptoWallet account.
Step 3: Transfer BTC to an Altcoin Exchange
Now that you have some BTC, you can begin trading it for VYNK. To do so, you’ll need to sign up for an altcoin exchange that allows you to trade BTC for some VYNK. This trading pair is supported by platforms such as XT.com, DIGIFEX, COINSBIT, BUYUCOIN, and Kucoin. For this guide, however, we will be using XT.com for our example.
To begin, fill out the XT.com signup form and follow its on-screen instructions. This will involve answering some KYC security questions, verifying your identity, and securing your account, which will most likely be in the form of two-step verification and a password.
After you’ve completed the registration process, you will be able to deposit some BTC into your XT.com account. Now, look for the ‘funds’ tab on the XT.com dashboard and select the ‘deposit funds’ option, From here simply follow the on-screen prompts. You can deposit your cash in a variety of ways, but generally, they will involve entering an address into your wallet and sending the funds, or the scanning of a QR code.
In either case, once you’ve decided on a method, enter the amount you want to transfer, scan the QR code, and tap send. This will begin a brief confirmation procedure that will validate the transaction and once completed your BTC will appear in your XT.com account.
Now that your BTC is in your account, trade it for some VYNK. To do this, navigate to the XT.com trading tab, choose the BTC/VYNK trading pair, confirm your trade amount, and click ‘trade.’ You’ve now gotten your hands on some VYNK Token!
Last Step: Store VYNK Securely
Now that you’ve got some VYNK you’re probably going to want to take it off the XT.com platform, and to do this you are going to need a wallet.
Thankfully in the case of VYNK, there are a variety of wallet providers that support this token, including TrustWallet, TronLink Pro, Metamask, and Coinomi. All of these solutions are dependable, but they each perform in their own specific ways, offering a different degree of interoperability, security, and cost.
TrustWallet, for example, is a device-based wallet that is believed to be quite safe. MetaMask, on the other hand, is an integrated wallet system that can be accessed through a web browser and is particularly user-friendly when it comes to trading.
To deposit VYNK into your chosen wallet system, go to XT.com’s ‘withdraw funds’ tab and follow the instructions. Usually XT.com will request yout wallet address and send the desired funds into your wallet.
CryptoWallet, as we’ve previously discussed, also provides a wallet mechanism that, at the time of writing, does not support VYNK. However, this app is worth keeping an eye on as it offers a robust security system with a well-integrated wallet service and has outlined a plan to bring further coins into operation.
Other Useful Tools for Trading VYNK
So now you know how to get VYNC and how to store it. But in the future, you may wish to trade your crypt on the market. While this article is not authorized to give financial advice or trading tips, we can provide some insight into the various trading tools available, so you can make your own informed decisions.
When trading most exchanges provide similar trading tools, and these tools generally charts some kind of information, prices, volume, supply, or intensity. By utilizing these tools, you can make better trading decisions.
One of the most fundamental is On-Balance-Volume (OBV), which depicts both positive and negative movement of an asset’s volume, as well as the value direction of an asset’s movement trend.
The Average Directional Index (ADI) is a straightforward indicator that tells traders how strong a trend is. This is the asset’s movement intensity, which gives a greater idea of the likelihood of lengthy moves.
The Stochastic Oscillator displays the asset price over a specified time period and in relation to a specific condition inside that time frame to traders.
Latest News for VYNK
In Oct 2022 VYNK announced its new VynkSafe, a sort of cryptocurrency bank system that couples both coin storage and bill payment into one app/dashboard system.
In 2021 founder and CEO Meervali Shaik announced that they had reached one of their most important milestones for VYNC’s development.
Can I buy VYNK with cash?
No, as an altcoin VYNC cannot be purchased directly with cash. Instead, follow the above guide to allow you to purchase VYNC with cryptos such as BTC or ETH.
Are there any quick ways to buy VYNK in Europe?
Yes, many different altcoin exchange platforms facilitate VYNC trades that are available online and in the EU. Such as XT.com, DIGIFEX, COINSBIT and Kucoin.
Are there any alternative platforms to buy VYNK or Bitcoin with credit cards?
To purchase VYNK you first have to trade it for some other crypto, this other crypto like BTC or ETH, for example, can be purchased with a credit card. Platforms such as eToro provide this service.