Connect with us
vechain vechain


Vechain (VEN) Is in Talks with the Belgian Government

 2 min read / 

The CEO of Vechain  (VEN) will meet with the Deputy Prime Minister of Belgium this afternoon to discuss how the blockchain developer can assist Belgium’s digital initiatives.

In a tweet posted on Monday morning, the CEO for the Vechain Foundation, Sunny Lu, said the meeting with Alexander De Croos would be to discuss how Vechain could help Belgium further develop its digital economy initiatives. The official Twitter account for the Vechain Foundation and Alexander De Croos also confirmed the meeting.

Based in Singapore, Vechain is a not-for-profit company which develops blockchains designed to prove product authenticity by tracking items across the supply line, minimising the risk of tampering either the quality or authenticity of the item. It does this by giving supply goods a unique Vechain ID (VID), a code which allows both suppliers and consumers to track the item remotely: the code can be scanned to determine the product’s authenticity.

Details about the meeting are thin on the ground: alongside being the Deputy Prime Minister, De Croos is the Minister responsible for the Development Cooperation, Digital Agenda, Telecom and Postal Services. As a company, Vechain operates as a Blockchain as a Service (BaaS) platform, developing blockchains for clients who are not prepared to build the infrastructure in-house; Vechain might be looking to create a blockchain product for the Belgium government.

Currently, Vechain has developed products a third-party services for PWC, distributed data storage for the Liaoning Academy of Agricultural Services as well as an API gateway service for a Chinese import company. It also supplies its own Vechain token (VEN), a non-mineable coin which can be bought from the Foundation to obtain goods and services.

Launched in late August at an initial price of $0.24, VEN climbed in value in December and reached its highest valuation on the 22nd of January 2018 when it was valued at $9.11. As of Monday afternoon, the VEN is valued at $4.27 and has a market cap of $2,011,375,274. Its trading volume over the past 24 hours is $56,005,700.

Other countries have gone through negotiations for adopting blockchain technology. In January, the Monetary Authority of Singapore was in talks with Ripple to develop blockchain technology for cross-border transactions.

Founded in 2015, Vechain is expected to undergo a rebranding to Vechain Thor Blockchain by the end of the month, with VEN tokens changed to VET

Have your say. Sign up now to become an Author!

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Send this to a friend