An altcoin project developing blockchain-based supply chain management has announced its new partnership. After the news, the price of the relevant altcoin peaked in a short time.
This altcoin announces its new partnership
VeChain (VET) announced that it has partnered with UCO Network to build Blockchain infrastructure for the biofuels industry. UCO had this to say about the partnership in a press release:
UCO Network and VeChain Foundation’s full compliance with Environmental, Social and Governance objectives have been the decisive differentiators that have contributed to the establishment of this natural and exciting partnership.
https://twitter.com/UCONetwork/status/1570814674425286657
Altcoin price peaked after the news
VET token is the 33rd largest cryptocurrency by market cap. During the hours when the news of the partnership spread on social media, the price of VET gained around 3%. VET is currently trading at $0.02389. It is trading at a 90% discount from its ATH price of $0.2782.
UCO Network and VeChain partnership
UCO Network is the first Blockchain-based ESG focused biofuels platform. It provides used cooking oil traceability solutions with a focus on automatic compliance with the European Union’s Renewable Energy Directive. According to the network, the platform uses a combination of Blockchain and IoT technologies. Accordingly, it reduces the risk of used cooking oil supply chain fraud.
VeChainThor will be UCO Network’s Tier 1 Blockchain partner. The network utilizes functions of multilateral payment, multitasking transaction, controllable transaction lifecycle and transaction dependency. As a result, these will make UCO Network’s layer 1 development much more user-friendly.
Additionally, VeChain’s PoA consensus mechanism also addresses UCO Network’s concerns about inefficient upgrade processes and wasted energy. VeChain has established several new partnerships over the past few months. Partnerships include services like TruTrace, OrionOne, and Amazon Web Services. Additionally, VeChain’s ToolChain has a sponsorship with the UFC worth over $100 million.
VeChain and TrueTrace collaboration
Last month, VeChain announced a partnership with TrueTrace to accelerate the adoption of blockchain technology. TruTrace and VeChain have formed a new agreement to combine their complementary technologies. The blockchain supplier and developer will mutually verify the authenticity and history of the items.
VeChain and [email protected] partnership
As we reported on Kriptokoin.com, VeChain announced its partnership with [email protected] earlier this year. The deal integrates traditional finance with the blockchain space, directly participating in the monetization process. It also aims to create a long-term Web3 environment.
The #VeChain Foundation is proud to pioneer cutting edge #blockchain applications.
In our strategic alliance with @SupplyMECapital, we're building a new kind of 'Inventory Monetization' system, uniting #NFT technology, #Stablecoins & #Web3.https://t.co/zZ3460cyri $VET #crypto pic.twitter.com/Cb6flkGMkn
— VeChain Foundation (@vechainofficial) June 28, 2022
[email protected] is an independent fintech company that provides an innovative proprietary inventory monetization service to companies in a wide range of industrial sectors. Alessandro Zamboni is the CEO of the company.
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