Are you curious about the incredibly growing hype around VeChain? We can relate to your thoughts. This article will walk you through all the details you need about VeChain to help you take the next step.
What Is VeChain?
VeChain is a new public blockchain that has entered the crypto market as a smart-contract-compatible platform to boost the mass adoption of blockchain technology.
What Company Owns VeChain?
VeChain was introduced by Sunny Lu – the former C.I.O. of Louis Vuitton China in 2015. The public blockchain started as a subsidiary of one of China’s largest blockchain companies, Bitse.
Who Has Invested in VeChain?
The list of VeChain investors is mentioned below.
- D.N.V. GL
- PriceWaterhouseCoopers (PwC)
- National Research Consulting Center (NRCC)
- Yida China Holdings Limited
- BitOcean
- China National Level Partnership
- Direct Imported Goods (D.I.G.)
- China Unicom
- Kuehne + Nagel
- DB Schenker
- BMW Group
- LVMH
- Groupe Renault
- Fanghuwang
- iTaotaoke
- Bright Food
- LogSafer
- Shanghai eGrid Consulting Co. LTD
- NTT Docomo
- People’s Insurance Company of China (PICC)
- BYD
- SBTG Surplus & Co
- E.N.N. Energy Holdings Limited
- Republic of Cyprus National Level Partnership
- Fuji MARUMO Tea
- Baijie Teng IoT Technology Corporation
- BIOS Middle East
- Reebonz Holding Limited
- Fashion for Good
- Haier
- Norway in a Box
- Walmart China
- A.S.I. Group
- Anhui Tea Industry Association
- Cointelegraph Consulting
- Shanghai Gas
- PlatformXChain
- H&M
- Sarah Regensburger
What Platform Supports VeChain?
VeChain previously ran on the Ethereum platform. However, it switched to its own (rebranded) VeChainThor blockchain in 2018. Regarding exchanges, the most famous supporting platforms are Binance, KuCoin, gate.io, and H.T.X. (Huobi).
Does VeChain Have a Good Future?
Based on recent price prediction statistics, VeChain has a good future and may have its VET value increasesed by +5% by 2030, reaching $0.03716.
List of VeChain Partnerships
Here, we have covered the updated list of VeChain partnerships in 2024 with the details of each.
D.N.V. GL
D.N.V. GL is a global organization that provides audit and certification services based on compliance requirements. The popular D.N.V. GL projects include renewable energFoodil and gas, food and beverages, and healthcare goods. D.N.V. GL and VeChain have developed My Story – a digital assurance platform for the food and beverages industry.
PriceWaterhouseCoopers (PwC)
PwC is among the most significant four global auditors with services across 400+ Fortune 500 companies. The most prominent clients of PwC are I.B.M., Ford, Dell, Cisco, and 3M. PwC will offer VeChain’s blockchain-powered solutions to its client base to improve product verification.
National Research Consulting Center (NRCC)
NRCC is atop-rated I.T. consulting and management companybased in China based in China that helps domestic companies and organizations develop professionally. The company offers services to 1,000+ Fortune Global 1000 enterprises. NRCC and VeChain have implemented anti-counterfeiting technology for the China National Tobacco Corporation.
Yida China Holdings Limited
Yida is among China’s most prominent real estate development companies. Its core expertise is innovative city development and industrial parks. VeChain supports Yida in enhancing its technology portfolio in domains like energy management.
BitOcean
BitOcean is a platform that provides A.T.M. solutions for buying and selling cryptocurrencies. It is one of the first exchanges to become fully licensed by Japan’s Financial Services Authority (F.S.A.). BitOcean and VeChain will collaborate to offer ATM-based V.E.T. buying and selling.
China National Level Partnership
The Chinese government developed the Gui’an New Area as a zone for economic development and the centre of high-tech industries. VeChain’s partnership with the government is focused on promoting blockchain-powered processes for the government.
Direct Imported Goods (D.I.D.I.G..I.G is China’s government-owned wine impo, contributing to over 30% of the country’s wine imports. Partnering with VeChain will allow hD.I.G.G. to authenticate winery data from the producers and stop counterfeiting attempts.
China Unicom
China Unicom is a state-owned telecommunications operator in China. It is the world’s fourth-largest mobile service provider in terms of subscriber base. VeChain will help China Unicom use BaaS to improve the overall efficiency of its supply chain management.
Kuehne + Nagel
Kuehne + Nagel is the world’s largest global freight forwarder. It accounts for almost 15% of the worldwide air and sea freight business by revenue. Kuehne & Nagel will rely on VeChain’s blockchain technology to equip parcels (especially luxury goods) with a smart chip (containing ownership data).
DB Schenker
DB Schenker is a division of Deutsche Bahn AG (German rail operator), which also has a logistics division for air, land, and sea freight. Partnering with VeChain has enabled DB Schenker to build a supplier evaluation platform on the VeChainThor blockchain.
BMW Group
BMW is a renowned German car and motorcycle manufacturer with vehicles in every global country. The BMW-VeChain partnership is focused on using blockchain technology to store vehicle data and ensure its controlled provision to third parties.
LVMH
LVMH, or Louis Vuitton, is a French multinational luxury goods conglomerate with nearly 60 daughter companies. VeChain works with multiple LVMH brands to integrate blockchain and I.O.T. into their projects.
Groupe Renault
Groupe Renault is a French automobile manufacturer globally. Based on production volume, it is the ninth biggest automaker in the world. Partnering with VeChain has enabled the automaker to build a tamper-proof digital car maintenance book for foolproof buying and selling experiences.
Fanghuwang
Fanghuwang is a Chinese property mortgage loan provider for small and medium businesses in the country. Partnering with VeChain will help Fanghuwang to develop solutions for improved data collection and sharing.
iTaotaoke
iTaotaoke is a content-sharing website that is an open platform for self-publishers and providers to build knowledge-sharing workshops and monetize their content. Partnering with VeChain enabled iTaotaoke to identify content created on the platform digitally.
Bright Food
Bright Food is a Chinese national food brand and the second-largest food company in the country. The partnership between Bright Food and VeChain aims to improve the company’s supply chain management and explore new products using cold-chain logistics and robust development tools.
LogSafer
LogSafer is one of China’s leading supply chain risk management platforms with 250,0and it has corporate clients. The company will adopt VeChain’s technology to collect real-time information about shipped items for improved risk control and efficiency.
Shanghai eGrid Consulting Co. L.T.D.
Shanghai eGrid Consulting provides data services for large enterprises in China. The company’s prominent clients include SAIC Volkswagen Automotive Co. L.T.D., B.Y.D. Auto Co. L.T.D., and SAIC General Motors Corporation L.T.D. Partnering with VeChain will help eGrid leverage secured data storage and blockchain distribution in its current internal solutions.
N.T.T. Docomo
N.T.T. Docomo is one of the largest telecommunication companies in Japa,n with over 53 million customers. Partnering with VeChain aims to help both companies adopt 5G technology.
People’s Insurance Company of China (PICC)
PICC is one of the biggest insurance companies in China, with significant insurance categories like motor vehicle and property insurance. PICC aims to use VeChain’s blockchain technology to transform its procedures digitally.
B.Y.D.
Build Your Dreams (B.Y.D.) is the world’s largest manufacturer of electric automobiles and batteries. Partnering with VeChain has helped B.Y.D. by allowing its users to earn carbon credits from eco-friendly vehicles.
SBTG Surplus & Co
SBTG Surplus & Co designs sneakers for brands like Nike, Reebok, and Puma. The brand has implemented VeChain technology by embedding N.F.C. chips inside the shoes to ensure product authenticity.
E.N.N. Energy Holdings Limited
E.N.N. is among the largest clean energy distributors in China. The company’s partnership with VeChain is focused on L.N.G. management solutions via blockchain and IoT technology.
Republic of Cyprus National Level Partnership
The government of Cyprus is keen to work with foreign investors to ensure local blockchain implementation. Partnering with VeChain will facilitate the government to make crypto investments for various projects.
Fuji MARUMO Tea
Fuji MARUMO Tea is a famous Japanese tea brand with a tea garden history of over 90 years. By collaborating with VeChain, the tea company will verify products using N.F.C. chips embedded in the packaging.
Baijie Teng IoT Technology Corporation
Baijie Teng IoT Technology develops printed RFID tags for anti-counterfeiting applications. Collaborating with VeChain will help the two companies explore how graphene and blockchain technology can be used for these goals.
BIOS Middle East
BIOS Middle East is a leading cloud service provider in the U.A.E. with a client base of over 300 companies. The partnership between BIOS and VeChain is focused on developing advanced security systems in the U.A.E. using blockchain technology.
Reebonz Holding Limited
Reebonz holds a credible status for its online luxury sales in Southeast Asia. The company aims to develop a digital product tag with the help of VeChain for product traceability and management.
Fashion for Good
Fashion for Good is a highly innovative company that incorporates technologies into the fashion world to improve sustainability. The company’s partnership with VeChain aims to use digital tags for products to ensure transparency.
Haier
Haier is the global leader in consumer home appliances, with a 10% global market share. The company partnered with VeChain to use blockchain and IoT technology in the lifecycle of clothing management.
Norway in a Box
Norway in a Box is a company that aims to bring the country’s quality food to the rest of the global regions. The partnership between Norway in a Box and VeChain will focus on tracking details of seafood products using blockchain technology.
Walmart China
Walmart is a multinational American retail corporation that is popular for its hypermarkets. With the help of VeChain, Walmart China created a product traceability platform to enhance customer trust and confidence.
A.S.I. Group
A.S.I. Group is a freight forwarder with 11 locations in 6 countries. Working with VeChain, ASI Group built a blockchain-based platform for buyers and consumers of high-end food products.
Anhui Tea Industry Association
The Anhui Team Industry Association affiliates stakeholders in the tea industry of the Anhui province. With VeChain’s technology, the association aims to improve the tea industry’s traceability and supply chain management.
Cointelegraph Consulting
Cointelegraph Consulting is a cryptocurrency and blockchain platform that helps companies understand and implement blockchain technology. The company is promoting blockchain adoption among businesses using VeChain’s technology.
Shanghai Gas
Shanghai Gas is a Chinese company that produces, distributes, and sells natural and liquefied gas. It uses VeChain’s ToolChain to track delivery information and monitor L.N.G. quality.
PlatformXChain
PlatformXChain is a Singaporean company that works with toy manufacturers to track products and collectables. The company has partnered with VeChain to create a marketplace for brand owners to list their toys and sell them with authenticity.
H&M
H&M is the second-largest global clothing retailer, with more than 5,000 stores worldwide. The brand’s subsidiary, Cos, is using VeChain’s technology to collect supply chain data for some product lines and share the details with its customers.
Sarah Regensburger
Sarah Regensburger is a renowned fashion designer who designs sustainable goods. The brand uses VeChain’s technology for product traceability in handmade production.
Importance of Partnerships
Why Are Partnerships Important?
Partnerships play a crucial role in spreading a brand’s message. In the case of VeChain, these 39 partners are using blockchain technology to establish a win-win mechanism. This strategy is effective in helping the blockchain platform gain recognition in consumer circles around the globe. The partner companies from diverse industries are helping promote VeChain’s credibility and efficiency across corporate and domestic sectors.
Strategic Partnerships With Walmart China
In 2019, Walmart China launched the Walmart China Blockchain Traceability platform. This project helped track products from 23 different categories using blockchain technology. It was a strategic move to offer customers a new way to establish trust in the retail chain’s products. Walmart China also aims to track 50% of packaged meat, 40% of vegetables, and 12.5% of seafood using VeChain’s blockchain technology.
How Many Companies Use VeChain?
As of 2024, 39 companies have adopted VeChain’s blockchain technology. The number may increase based on the platform’s popularity.
What Company Owns VeChain?
VeChain was introduced by the former C.I.O. of Louis Vuitton, Sunny Lu, as a subsidiary of Bitse (one of China’s largest blockchain companies).
Did VeChain Partner With Amazon?
VeChain partnered with Amazon in 2022 to facilitate their VeCarbon platform.
Is Walmart Using VeChain?
Walmart China uses VeChain’s blockchain technology for product traceability and to enhance customer trust in the retail store’s products.
F.A.Q.s
Is VeChain a Chinese Coin?
VeChain was founded by Sunny Lu, a Chinese executive who was the C.I.O. of Luis Vuitton in China, in 2015.
What App Supports VeChain?
Sync2 is an efficient wallet designed for the VeChain blockchain. It allows you to send and receive digital assets easily and securely.
What is Similar to VeChain?
Similar blockchain platforms to VeChain include Ethereum, Corda, Kaleido, and Coinbase Institutional.