• VeChain Foundation has continued to focus on enhancing its blockchain to meet the standards of the growing profile of global businesses.
• VeChain’s VET has gained 50 percent YTD to trade around $0.024 on Wednesday.

VeChain network, a top layer one (L1) blockchain that intends to revolutionize the Internet of Things (IoT) through well-designed smart contracts, has continued to build much-needed connections amid the cryptocurrency winter. The VeChain Foundation has partnered with many supply chain companies around the world to streamline their business operations. In recent updates, VeChain network has announced a strategic partnership with Authentic8.tech to enable global businesses to find the perfect balance between the digital and physical worlds.

Notably, the Authentic8 team has in the past seven years been working to help businesses obtain operations transparency through blockchain technology. Reportedly, global companies working in the automotive, Jewellery, and food industry have sought Authentic8 to scale their businesses in a cost-effective environment.

Interestingly, Authentic8 has partnered with VeChain’s top NFT marketplace dubbed World of V to enable businesses to tap into the Phygital technology. World of V noted.

“By leveraging on VeChain tech and our partnership with Authentic8, we’ll be offering an easy-to-use, accessible gateway to Phygital solutions, allowing anyone to seamlessly integrate this technology without any entry barrier,” 

In order to achieve the highest level of authentication transparency, Authentic8 has combined VeChain’s top features. As a result, businesses can tap into blockchain technology without having to develop the underlying solution.

VeChain and the Market Outlook 

The VeChain team understands the future of its ecosystem is heavily pegged to the proportionality of partnerships with global businesses. Furthermore, the enterprise-grade blockchain has in the past gained crypto traders’ attention with its potential to revolutionize the supply chain market. According to market data provided by Binance-backed Coinmarketcap, VeChain (VET) has a total valuation of approximately $2.1 billion. 

Recently, the VeChain Foundation announced a partnership with Gustav Gerig AG to help in the Tuna fish tracking project. Notably, the Swiss distributor of specialty foods partnered with VeChain to aid in product traceability.

Meanwhile, the VeChain Foundation has continued to focus on enhancing its blockchain to meet the standards of the growing profile of global businesses. For instance, VeChain announced a strategic partnership with SafeTech Labs to deploy mainnet node clusters across Europe and the United States.

In another recent strategic partnership, VeChain announced a collaboration with fashion BLOCKMEME to ensure customer satisfaction by embedding every product with unique chip identification.

Price Action

The VeChain ecosystem uses two crypto tokens including VET and VTHO to manage the VeChainThor public blockchain. With VET price up approximately 62 percent from its time of launch, VTHO has added about 809 percent from its ATL to trade around $0.0001526 today.