It is no longer news that VeChain is recording standard progress in the crypto space. Collaborating with major companies has become a milestone it sets to achieve at different times of the year. On the other hand, crypto coins are striving to dominate certain industries and countries.
For VET, Cyprus and Italy are tightly under its grip and it is keen on putting the blockchain technology to good use in the countries. However, the focus is on the region that will get the coin’s attraction most.
One Foot Forward for VeChain
In the last quarter of 2018, the coin took a major leap – a step that put it ahead of likely competitors. It entered a partnership with ‘Mr. Sabotage’, a shoe artist that has been behind designs for shoe brands such as Puma, Nike, and Asics. This allows it to track the supply chain of shoes through implanted chips.
In addition, VeChain signed a Memorandum of Understanding (MoU) with Invest Cyprus, the national investment partner of the Republic of Cyprus. The company is also a representative of the CREAM, a US-based DLT startup. The collaboration allows both sides to harness the effectiveness of the VeChain blockchain technology in Cyprus.
Making of Positive Stories in Italy
The coin also extended the hand of FinTech friendship to Italy. It kicked it off with the Decentralized Application (DApp) – My Story. The partnership was in relation to DNV-GL, a global certification and assurance provider. The essence was to offer traceability of products in the region and also boost customer’s satisfaction.
Now, three (3) wine producers have adopted the DApp. There are QR codes on the wine bottles that let users trace the origin and ingredients of the wine. The information gathered through the DApp will be stored on the VET blockchain for easy access.
VeChain is making positive impacts in the crypto-sphere and there is no doubt that it will make major impacts in Italy and Cyprus. Even though it partners in Cyprus are not as much as that of Italy, the former seems to show more strengthdue to the involvement of Cyprus Securities and Exchange Commission (CYSEC).
Nevertheless, it might be too early to call the lead as both countries are potential strongholds for the coin and future events will determine the region that holds the center stage.