Cryptocurrency

VeChain (VET): A Crypto of Stature, Is Now Officially Part of New Chinese Blockchain Canon

The newness of the crypto sphere questions the credibility of the crypto firms and exchanges. Further, the newness also brings along some extent of skepticism and reservations, as moving from the comfort-zone and known-zone of the traditional financial sector to a digitally based platform will take its sweet time to get fully adopted. Until then the crypto firms will have to move to the tune of various central regulations posed by the government of various countries.

Adhering to the regulations becomes all the more important in order to have a strong impact on the crypto market. Recently, around two hundred companies got themselves registered under the Chinese blockchain Canon. VeChain was among these two hundred companies. These blockchain firms have been given unique registration numbers by the Cyberspace Administration of China, as per the reports obtained from Yicai- a Chinese news source.

The registration has opened the gates for VeChain to trade in China which holds a lot of potential. On this, Sunny Lu- the CEO of VET, thinks that these regulations are in favor of the company. He supported the ‘official standards’ as they help in the rapid growth of the crypto industry overall.

Since recent times, the company has been in the news for forming partnerships with other companies. There has not been any breakthrough in the price of the crypto token of VeChain due to partnerships as of now, but the adoption of the blockchain of the company is ensuring a bright future to the VET holders for good returns in the coming times. For instance, partnership between  German B2B software development firm- Actiware and the Singaporean supply chain management company- VeChain’s blockchain-based solutions, then the recent collaboration of VET with Haier and by extension to the Haier ecosystem- Cosmoplat solution

Vechain seems to have a marathon- view on the crypto space. With its VeChainThor blockchain technology, it looks like that the company desires to impact various international companies and firms through partnerships and collaborations. Currently, the company is playing in the background, but in order to have a long lasting life on the face of the crypto market, there may be a need of play at the front foot and hold a strong position. May the company can take inspiration from Dogecoin. With time VeChain’s presence will be felt hopefully, and so the trading volume of the company may seem to rise.

Talking about the VeChainThor blockchain, it has a lot to offer. It is packed with great features and with the help of EVM, it holds the potential to improve the decentralized application based user-experience. The application development program is reported to start on 18th of this month. It will enable the developers to take part in the program and offer their insights and ideas. Moreover, the participating developer will get paid too for their inputs in the form of ideas, documentation, and application. In order to make it more thrilling, the participants stand a chance to win ‘40 million worth of VET pool in the VeChain Application Developer Challenge’ as per the reports from cryptoglobalist.com. This indeed makes as a great attraction point for the developers to pour in fantastic ideas.

The recent bullish trends in the crypto market have only made the scenario sweeter. Since the past week, VeChain VET has gained up to 15 percent. Today, a growth of 6.7 percent was observed in VeChain in the last 24 hours. The market capitalization of the VET was approximately 361 Million U.S. Dollars, whereas the trading volume of VET was 21 Million USD.

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Ankita Baruah

Ankita has recently joined the CryptoNewsZ team. She has a Masters Degree in English Language and Literature and 10+ years of experience in dealing with different types of content for print as well as digital media. Writing is her passion. Precision and originality is what she believes in and makes sure she abides by them in her write ups. When Ankita is off work, you will find her engrossed in books or enhancing her culinary skills!! You can also mail her at [email protected] to discuss anything related to her reports.

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