With so much happening in the world of cryptocurrency and blockchain right now, you can’t keep a tab on everything. One powerful project in the cryptocurrency market is VeChain. VeChain emerged just out of nowhere and suddenly became the 25th largest cryptocurrency by market cap. Any blockchain project today is of immense interest to everyone and VeChain has certainly become the talk of the cryptocurrency world with its constant rise in prices and impressive clientele.
A little rundown on VeChain
VeChain is basically the world’s leading blockchain platform for information and products. There has been a total of three products that have been developed by using this blockchain and every product focuses on different markets. First is an API gateway service that is used by a Chinese company, PricewaterhouseCoopers is the second one that uses VeChain for third-party services. Furthermore, VeChain is also the part of the distributed data storage for Liaoning Academy of Agricultural Sciences.
Partnerships and having Jim Breyer as an advisor
In a very short time, VeChain has built an impressive portfolio of clients and partnerships. China’s largest fine wines importer, Direct Imported Goods(DIG) has already placed about one million wine bottles on VeChain’s blockchain. In addition to this, VeChain is also involved with Renault. In May, last year, a partnership with PwC was also announced in order to accelerate the use of blockchain in South East Asia and Hong Kong.
Last week’s slump in cryptocurrency market resulted in heavy fall in the prices of different cryptocurrencies. However, a series of partnership announcements by VeChain resulted in doubling the price of VEN.
To push its VeChain Thor and shift from supply chain management to financial service, VeChain revealed its partnership with Fanghuwang. This momentum was continued with the announcement of getting advisory support form Breyer Capital.
Jim Breyer, founder of Breyer capital made an official statement:
“I am proud to announce that as of today, Breyer Capital has agreed to support VeChain through an official advisory role. I am most interested in VeChain’s top-percentile crypto team. Additionally, I’ve found VeChain’s enterprise partnerships and deep relationships with PwC and DNV GL to be compelling. I’m here to learn with and support VeChain as they press on towards their main net release and continue to develop valuable partnerships. I look forward to working with a coalition of top-tier individuals within the VeChain ecosystem.”
Rise in the value of VeChain
There has been a little slump in the prices of VeChain last week. But announcements of VeChain’s partnership and advisory support from Breyer resulted in a few incredible days. In this month alone, VeChain has grown about 300%. As of right now, according to coinmarketcap.com, the market cap of VeChain(VEN) is $2,571,598,062 USD.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.