Ethereum competitor VeChain has risen by more than 120%

  • VeChain’s price has risen by more than 120% in the last 30 days.
  • VeChain offers a functioning product that is used by more and more companies.

VeChain’s price has risen 120.14% in the last 30 days. Market capitalization has also risen from just under USD 185 million in mid-October to USD 416 million today. The reasons for this are manifold and lie in the new partnerships and current developments of the complex project.

VeChain’s new partnerships

A few days ago VeChain announced a cooperation with the Chinese Academy of Agricultural Sciences. VeChain is providing a tool that can be used to track Yunnan Puer tea along the entire value chain.

Tea is sacred in China, so its consumers attach great importance to its originality and authenticity. This can be guaranteed with VeChain’s tool, as the production location, price, age and much more information about each product can be stored in the blockchain and retrieved via a QR code.

The Governor of Yunnan Province sees great potential in VeChains tool to solve an important local problem:

The blockchain-powered system will provide transparent and trustworthy tea trades benefiting both producers and customers.

VeChain has also partnered with DNVGL and the ASI Group to track high quality beef along the value chain and store all relevant information in the blockchain.

The exact goal is to develop a platform that monitors the origin of products along the value chain from the first step of production, such as cow selection, through slaughter, packaging and shipping to the supermarket or buyer.

The project will be called Foodgates and will be used for the procurement of the most important meat products in France such as “The Concours Général Agricole Paris” (CGA), “Cochon Paysan”, “Blason Prestige”, “Qualité Limousine” and “Label Rouge”.

Kevin Feng, COO at VeChain, describes that VeChain’s blockchain is perfectly suited for this type of industrial application:

The immutability of public blockchain coupled with verifiable information makes this solution really unique and provides an additional level of trust for the consumers. We see the massive potential of this collaboration, as the products are reaching out to an enormous food market in China.

VeChain is also working with CoinMarketCap to develop a new tool that was presented at The Capital conference. VeChain intends to expand the company’s presence worldwide through further partnerships in the future.

VeChain’s strong presence in the Chinese market and its links with governments around the world hold great potential that is being recognized and piloted by more and more companies.

Will VeChain’s price continue to rise?

The last few weeks have shown the true potential of VeChain’s ecosystem. Authenticity and the complete documentation of the origin of different products are a huge market, which has to struggle with manipulations and product counterfeits worth billions until today. VeChain offers a simple and effective solution.

In addition, VeChain’s technology can also be used in financial systems or the automotive industry. There is a wide range of applications, but there is no guarantee that the company will continue to grow. It remains to be seen whether the expansion can proceed at the same pace and maintain its position in the market.

The price of VET has tended sideways (+ 1.12%) within the last 24 hours and is at USD 0.007412 at the time of writing.

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About Author

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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