Launched in 2015, Vechain commenced as a platform creating blockchain-ready software for different industries. So far it has created multiple blockchain solutions including food safety traceability, digital carbon footprint management, unique blockchain IDs for cars, and more.
In 2018, Vechain launched its token, VET, with a price of around $0.02. In early 2021 the token took off with an all-time high of $0.26. Since then the token has averaged around $0.10 to $0.12.
Vechain mostly focused on Asian markets with products that help traceability and provide IoT support. They aimed to expand in North America and the EU for some time, and in 2019 created offices in such regions.
Sunny Lu, VeChain CEO, tweeted: “First two hours in Milan and had a breakthrough to find a partner to deliver VeChain merchandise/demo case to EU markets.”
This comes as big news for VeChain supporters. Having proper distribution of merchandise demos in a new region can bring new institutional attention to the chain as they aim for more adoption.
Despite being up 888% for the year. The excitement around the chain dwindled since their April highs. Many holders of VET are excited to hear of new partnerships and products from the chain.
This can prove a good opportunity for new companies to adopt existing VeChain products or prompt the team to create new software.
VeChain holders are constantly pushing the trading platform Coinbase to list its tokens. However, Coinbase does not provide information on who it lists. A listing on this exchange would see a significant increase in their token availability and price.