VeChain starts buyback program – price rises by 23% in 7 days

  • VeChain’s price has risen by more than 20% in the last 7 days, against the market trend.
  • Responsible for this are numerous new partnerships as well as the buyback program of the VeChain Foundation.
  • There are also hopes in the community that VeChain could be listed on Coinbase.

VeChain is one of the projects on the cryptocurrency market that since its official launch has been able to demonstrate a functioning product that is used in several branches of industry. This distinguishes VeChain from a large number of other cryptocurrencies, which often serve as investments but do not fulfil any other purpose.

VeChain’s new partnerships at a glance

VeChain’s technology can be used by companies from many different industries. VeChain cooperates with projects in the financial, beverage and food, government, pharmaceutical and pharmaceutical, as well as logistics and automotive sectors. On September 30, 2019, VeChain partnered with DNP Group to implement the 2030 Sustainable Development Agenda.

For this purpose DNP has started a new PoC project, for a sustainable economy, under the leadership of VeChain ToolChain. VeChain is working within this project with its distributor Brisbane’s Fresh Supply Co. (FSC) to encourage people to recycle coffee cups. The coffee cups receive a VeChain chip, which stores all the stations from production to delivery to the disposal machine.

Points can be collected and then redeemed for a social project. In this way the environmental awareness of the people should be forced and promoted and make an effective contribution to a better environment.

Furthermore, VeChain cooperates with the Australian manufacturer of high-quality brand shoes, Case Shiel, in order to verify the authenticity of the products through the use of blockchain technology. Each year, manufacturers suffer more than $509 billion in damage from existing product piracy and counterfeit goods that are in circulation and sold to customers.

The high-priced sneaker shoes have a chip from VeChain that can be scanned using a QR code and contains useful extensive information about the product as well as its confirmation of authenticity. This allows end customers to verify that the footwear they find is genuine and not counterfeit. The following is written on the website:

All pairs will be equipped with the VeChain ToolChain authentication chip.

A little hype has recently been sparked by the news that Microsoft, in cooperation with game developers Eidos and Fabled Lands, wants to revive a story from an old game book and bring the story of the book as a game to the blockchain. The Blockchain card game uses so-called non-fungible tokens to add value to cards and items.

This game concept is enjoying increasing popularity and has already generated revenues of several million euros for innovative companies. The game is based on the VeChain Thor Blockchain, as the integration is simple and can be easily customized using existing developer tools. Jamie Thomson, the original author of the game book, explains:

The blockchain was chosen ‘due to its ability to scale, and create our cards and items without having to deal with all the crypto stuff.

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These new partnerships have contributed to a rising VeChain course, but there is another great hope currently being discussed in the community.

VeChain’s buyback program and listing on Coinbase

The price of VeChain has been very volatile in the past and a price drop of more than 60 percent was not uncommon. According to the crypto community, yesterday’s price increase is due to the VeChain Foundation’s buyback program. The Foundation bought back more than 100 million VET worth 850,000 USD and transferred it to a VeChain wallet.

Already 2 months ago VeChain bought 775 million VET via buyback program from the market and transferred it to its own wallets. This kind of artificial shortage of supply in the market is not uncommon and has also been used by other projects in the past.

There are also hopes and rumours that VeChain will be listed on Coinbase. So far there is no official statement from Coinbase or VeChain, so these hopes are pure speculations.

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At the time of writing, the price of VET is 0.00726 USD and has been moving sideways (+ 0.25%) for the last 24 hours.

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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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