VeChain Pilot Program Adopted by Scandinavian Commodity Behemoth

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Last Updated on 5 March 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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If you want mass adoption and worldwide recognition for your new product, cooperation agreements with global companies are always a good idea. The bigger the name and reputation of that company, the better the shine that it will revert back to your product.

As such, a pilot program for Norway’s Norsk Hydro is pretty much like being adopted by the gold standard of aluminum production in Scandinavia, which in turn is the most advanced region in Europe.

Such was the case for small altcoin VeChain after Norway’s Hydro released a press release explaining the launch of the DNV blockchain (which uses the VeChainThor public blockchain) “Tag. Trace. Trust.” to provide evidence of its sustainability claims for the aluminium it produces.

The aim of the pilot is to test a platform that supports manufacturers and brands to back their sustainability claims with verified data. This will allow them to trace the metal from the factory gates until it reaches the customer

Said Bjørn Kjetil Mauritzen, Head of Sustainability in Hydro.

VeChain has in previous years made similar traceability agreements with Walmarts and other industry greats in Asia.

Advertentie.

Price pulls back up

Meanwhile the price of VeChain has gotten out of the slump it found itself in over the past few weeks and is heading back to test the $0,050 level, not far off its all-time-high of $0,063. In the past week, it has gained 18%.

Most technical analysts agree that if VeChain can break this level in the next few weeks then the upside is quite large for the small altcoin.

Although we can’t repeat often enough that you should always do your own research, our colleagues over at Crypto Briefing claimed that the:

Fibonacci retracement indicator suggests that the next considerable areas of interest will be at $0.17 and $0.63.