The electrical components giant Schneider Electric has selected VeChain, a blockchain platform with a focus on supply chain management, as an ecosystem partner.
Electricals Giant to Use VeChain Technology to Digitize its Economy
According to an announcement via Twitter on December 28, VeChain confirmed the partnership, hinting that Schneider Electric will use its technology to digitize the economy.
VeChain recently addressed the possibility of partnering with the blockchain-based company that will dominate the Schneider Electric Green Innovation Summit in October 2021.
Given that Schneider Electric is a Fortune 500 company with a market capitalization of approximately $100 billion, this collaboration strengthens VeChain’s position as a blockchain company.
VeChain Strengthens Partnership
In general, VeChain continues to make great strides in working with various companies to drive mainstream adoption of blockchain technology. For example, VeChain also announced that the Inner Mongolia Government will use the VeChainThor Blockchain to power a large and complete traceability platform.
“We are proud to announce that the Inner Mongolia Government of China has selected VeChainThor to support a large and complete traceability platform! This government-led groundbreaking project is a step forward in the mass adoption of VeChain and Blockchain.”
Currently, VeChain technology is used in several industries including food safety, luxury goods, alcohol and agriculture. The platform aims to promote the adoption of corporate blockchain by providing customers with a system that combines blockchain and smart chip technology to track projects.
At the same time, VeChain is also involved in another crypto-related product and recently launched a new decentralized exchange called ZumoSwap. DEX is to replace Exchange, Automatic Market Maker (AMM) of the network and liquidity provision protocol.
This series of new transactions and partnerships appear to have had minimal impact on the platform’s native cryptocurrency VET. At press time, the token’s trading price is $0.085, which has fallen more than 6% in the past 24 hours.
However, in the past few days, following general market adjustments, other altcoins have rallied in some form, but the price of VET has almost stagnated.