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- VeChain CEO Sunny Lu revealed that the platform has been improving the implementation of its technology.
- VeChain’s CEO confirms that the company has connections with the Chinese government.
In a recent interview with Digital Asset Investor, VeChain CEO Sunny Lu spoke about the progress of the platform and the major obstacles to its growth. VeChain has been causing a stir lately for its partnerships in multiple sectors, its CEO explained that they have been improving progressively every year. Lu explained that compared to other platforms VeChain is cost effective, fast and generally offers more satisfaction to its users.
Lu gave the example of the platform’s cooperation with the giant Walmart. VeChain’s CEO explained that at the beginning of the project, based on previous case experience, they estimated that it would take 9 months to implement Vechains technology into Walmart China processes, but the final result was much better:
So when PwC started welcoming the project (with Walmart) we estimated, ‘ok, maybe, we need 9 months to deliver’. But in the end in 2019 we only spent 3 months to deliver what Walmart China is doing and they are happy. In 2020, even considering the coronavirus situation, we only spent 3 weeks to deliver the implementation with Sam’s Club. (…) VeChain is more cost efficient, (faster) and offers more satisfaction to business users.
Adoption of VeChain will bring an increase in the price of VET
Speaking about the VeChainThor (VET) token, Lu said that users need to use it to access the platform’s smart contracts. Therefore, VeChain has a feature that offers its customers “sponsorship”. This allows companies that want to use the VeChainThor blockchain, but do not want to violate their countries’ regulations, to turn to an intermediary that would hold the VET token for them.
However, Lu said the value of VET is in its utility and not in the individual deals that the company can secure. Lu believes that the mass adoption of the token and the technology behind VeChain will “reveal the true value” of the asset. In that regard, Lu said adoption is the biggest obstacle for VeChain.
Lu gave as an example his first meeting with Givenchy’s CEO, Philippe Fortunato. In 2016, when no one knew exactly what blockchain was, Givenchy and VeChain managed to make a partnership that allowed the platform to manage the brand’s “Infinity” line. The results allowed VeChain to grow and its effectiveness has led them to handle 100% of Givenchy’s leather goods globally. Lu said:
Understanding the market and best practices is very important right now and also combining the nature of the business mentality with the technology mentality. If you look at the cryptomarket now you will see that 90% of the people are technological (…) I’m not saying that’s bad, but we need more business-minded people to transform technology into something that has business value.
VeChain’s CEO also referred to his company’s relationship with the Chinese government. Lu said that anywhere in the world it is necessary to “have good relations with the government”. Lu said they not only have good relations with China, but with other governments globally. Finally, he said that China will never ban blockchain technology, they are promoting it. On cryptocurrencies, Lu said the Chinese government “needs more time” to discover the best method for regulating it.
Yu can wath the full interview with Sunny Lu here:
