VeChain, one among the few altcoins to defy the crypto market sell-off in the first quarter of this year, jumped nearly 30 percent on Monday after Bithumb, one of South Korea’s largest crypto exchanges listed the coin.
The cryptocurrency, which was listed on other leading exchanges such as Binance and Kucoin last year, has a market cap of $1.5 billion, data from CoinMarketCap showed. As of 6.53 am ET on Tuesday, VeChain was up 0.82 percent at $2.80.
Late February, the startup rebranded its blockchain as VeChain Thor and the coin symbol was changed to VET from VEN. Still, most exchanges carry the VEN symbol.
“VET is likened to the fuel or the blood which supports VeChain’s distributed platform,” the startup said on its website.
The Singapore-based VeChain developed a blockchain platform which is offered as a service to businesses, mainly luxury good producers and those in the fashion world. Clients also include those from the food and beverage industry, logistics and agriculture.
The startup uses blockchain, QR codes and chip tech to track products on the supply chain and prevent counterfeiting. VeChain has partnered with the Michigan State University to develop its ecosystem. In May 2017, VeChain became a member of the PwC’s incubation program for startups.
The price of VEN was also propped up by the news that vehicle manufacturer BMW confirmed a deal with the blockchain startup to weed out child labor in its supply chain. The company also has a tie-up with Renault, Microsoft and IT consulting firm Viseo to create a digital car maintenance book prototype.
The wine industry is another area of focus for VeChain. Direct Imported Goods (DIG), China’s largest importer of fine wines, have placed one million bottles of wine on the blockchain to check counterfeiting.
This month, the startup launched a third party managed decentralized application or dApp called My Story in partnership with DNV GL, a leading business assurance provider.
Four Italian wine producers are the first to use the app, VeChain said, which it described as an off-the-shelf blockchain based digital assurance solution for the food and beverage industry.
by Jyotsna V