Vechain (VET) is one of the altcoins bucking the market trend right now. Usually, these moments of upward buoyancy can’t sustain the pressure, but VET might have some staying power.

Over the past 24 hours, there have been some interesting VeChain price shifts to take note of. First of all, the altcoin gained 3.6% in USD value to bring the price back to $0.004211. In the VET/BTC ratio, a 3.81% increase can be noted.

While at the AMA session organized by the digital currency media group in Shanghai, Lu noted that Vechain (VET), in collaboration with DNV GL and their Business Assurance Service, is innovating something new and outstanding in the blockchain space.

Since its launch more than two years ago by the former CIO of Louis Vuitton China, Sunny Lu, the project has hit the ground running, attracting a significant number of highly reputed firms to it, including DNV GL, a global audit and certification services company generating an annual revenue of $2.4 billion, PriceWaterhouseCoopers (PwC), National Research Consulting Center (NRCC), Yida China Holdings Ltd., BitOcean, BMW Group and more.

VeChain’s robust network of partners and alliances makes the project one of the most credible and promising blockchain technology platforms alive.

Find out when VET reaches critical levels. Sign up for push notifications to hear about every new article on economicgazette.com.

There are already many luxury goods stores, food/drug companies and logistics companies that are using this tracking ecosystem. This makes VET much different than other cryptographic coins that look to anonymously protect users, VeChain is a “white coin” – it is meant to create transparency.

A white coin is meant to increase the transparency of transactions thus creating,  “a trust-free and distributed business ecosystem to enable transparent information flow, efficient collaboration, and high-speed value transferring.” This makes VeChain very interesting for companies in the luxury space and really puts them in demand across a lot of industries looking to improve trust and reliability, where there are an enormous amount of fakes.

The coin is still in the “beta” stage and has all indications of a success going by its resilience in the market since the Mainnet. VeChain still has more swapping to go through, but the recent signs should make potential investors take note as circulating volumes could be easier to tame.

Subscribe to our Newsletter

Join our mailing list to receive the latest news and updates from our team.