- VeChain has scored a big win after being highlighted on the KuCoin 60s Crypto Gem show where it enjoyed exposure to thousands of potential buyers.
- The exposure comes following a 35% reversal from the coin’s ATH of $0.2782 achieved mid-month.
KuCoin exchange has highlighted VeChain on its popular KuCoin 60s Crypto Gem show on YouTube. In 60 seconds, the KuCoin team highlights a project that has great potential and is working to change the world. This educates and draws the attention of the thousands of subscribers and clients about projects and cryptocurrencies they would have otherwise not have noticed.
First, the team has highlighted what VeChain is,
VeChain is a decentralized platform built to make supply chain management easy. It aims to use distributed governance and Internet of Things technology to create an ecosystem which solves some of the major problems with supply chain management such as commodity traceability and anti-counterfeiting verification.
It gives each product a unique identity and uses trackers to follow the product in every stage of the supply chain, recording all information on the blockchain. This way, businesses and users alike can be assured of proper handling of products and that the final product is genuine.
VeChain strategic partnerships
The project has been celebrated for being efficient, and for its traceability and transparency of supply chains. Furthermore, as most operations are automated, all this is achieved at a fraction of the cost.
Since its launch in 2017, the project has made a name for itself. In just a few years, it has attracted some of the biggest names in the world. According to VeChaininsider which tracks all VeChain partnerships, the project has strategically partnered with the likes of DNV located in Norway, PriceWaterhouseCoopers (PwC), Yida China Holdings Limited, National Research Consulting Center (NRCC), BMW Group and BitOcean to name just a few. More recently, the blockchain was mentioned in 2021 Forbes Blockchain 50.
Blockchain is transforming the supply chain & traceability industries, eliminating inefficiencies.
— VeChain Foundation (@vechainofficial) April 17, 2021
A majority of the companies in partnership with the project have found value in using its blockchain to enhance their supply chain.
VET price update
For the majority of 2021, VET has been riding the wave. Mid-month when most coins were breaking out to ATHs, VET was one of them, climbing to $0.2782. As the market has been retracing, so has the native token. At the time of press, it is down from its high by roughly 30%. Some analysts have always argued that a retracement is healthy for any coin. It allows buyers to reaccumulate before pushing to break resistances.
One of the most unique features of VeChain is that it has a dual token system. While the native token of the network is VET, it has a secondary token called VeThor Token (VTHO). This also has a role in the functionality of the blockchain, facilitating processes and transactions. At the time of press, it is ranked 113 with a market cap of around $500M and exchanging for $0.0157.