VeChain (VEN) started to trade in the red while dropping against the dollar with the latest change in the market that ended the rebound period that lasted for about 4 days. However, although VEN is suffering from a portion of drops against the dollar whole struggling against the market trend, we can see it triumphing on other areas of VEN operations. That is how VeChain has added two more partnerships onboard, that way increasing its chances of mass adoption. Let’s see how VeChain has been doing these days as well as find out more about the most recent partnerships.
VeChain (VEN) Seals the Deal with Bright Foods
New partnerships can are definitely the “make” part in the “make or break” policy of any digital asset, so it is needless to say that sealing a new partnership is always welcomed for any crypto.
As of the most recent events, VeChain Foundation has found allies in Bright Foods Group Co. and Shanghai Xiandao Foods. Both companies are in the business of food supply chain and Shanghai Xiandao Foods actually makes a subsidiary of Bright Foods Group Co. while Bright Foods makes up for a subsidiary of the Municipal Government of Shanghai.
The partnerships were sealed due to the fact that both of these companies found a great purpose in using the VeChain Thor Blockchain. They are using THOR blockchain for their supply management as well as for their data management systems.
With VeChain Thor Blockchain, Bright Foods and its subsidiary are both able to track their products from the starting point where the product is still only a crop until the ending phase of the product to the point where the final product arrives at retail.
Bright Foods makes up for a massive global company with over 90 different subsidiaries and with over 25 billion dollars in total market capitalization. As such, it is very important to have it interested in blockchain technology, specifically for VeChain Thor Blockchain in this case.
These partnerships are also a great deal for VeChain (VEN) as a platform is aiming at becoming the best platform in the area of supply chain and supply chain management operations, also aiming at changing the way the retail business is done.
With their platform, VeChain believes to be able to solve the problem of transparency in the business of supply chain as affected by strong collaboration between different companies and retailers.
In addition to transparency, they are also aiming at establishing a maximal level of functionality and efficiency, which could be accomplished with the integration of a fast and operative ecosystem that would represent a decentralized business supply chain where all business is done with full transparency.
That is precisely hoe Bright Foods were able to recognize the potential that VEN platform holds when it comes to supply chain management, hopefully leading to more recognition in the future for VeChain.
VeChain and the Market
VeChain has been following a bullish trend in the market that has been a “thing” for the past 4 days, so we could see the majority of currencies going up against the dollar while trading in the green.
However, after collecting a fine portion of gains, VEN started to drop back again as of the latest change of events in the market, when the majority of currencies started to trade in the red.
Ranked as the 15th-best currency in accordance with its market capitalization, VEN is marked as up against the dollar by 13% in the course of the last two months.
In addition to being marked in the green in the period of the last 60 days, VEN has also managed to collect a set of gains in total of 31% against the dollar in the period of the last 30 days.
The progress got a bit slower when observed on the 14-day chart, so VEN can be seen up against the dollar by 0.32% in the last two weeks.
Once the market turned sluggish and the majority of cryptos started to drop, VEN started to trade in the red as well, that way losing -7.8% against the dollar in the course of the last seven days.
Following the latest change, VeChain had a rise of 3.77% against the dollar in the course of the last 24 hours.
In addition to losing against the dollar, VeChain is also going down against BTC and ETH, trading in the red by -1.66% against Bitcoin and -3.17% against Ethereum.
After the latest change in its price, VeChain can now be traded at the price of 4.58$ per one unit.
This information should not be interpreted as an endorsement of cryptocurrencies or a recommendation to invest. Historic performance is no guarantee of future returns. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Before investing you should obtain advice and decide whether the potential return outweighs the risks.