Via its official Twitter handle, the VeChain Foundation confirmed a meeting with government officials from three major Chinese districts. Representatives from Shanghai, Changing and Huangpu visited the organization’s Singapore office.
According to the VeChain Foundation report, representatives of the enterprise blockchain platform and governments spoke about “possible transformative collaborations”. The organization claimed it was “always ready” to help all sectors from private companies to governments.
A separate report posted on the Chinese website ChainNews said that Deputy Director of the Changing District, Pan Min, “repeatedly” praised VeChain’s technology and business development.
At the meeting, Dr. Ziheng Zhou, Chief Scientist of VeChain Technology, Bing Wang, Head of Human Resources, Yiyun Xia, Director of Marketing and Public Relations, and Diyun Gong, Assistant to the CEO to the CEO.
The public sector meeting was attended by members of the Construction, Trade, Science and Technology, and Direct Investment Promotion Committees with other government officials.
They were commissioned to explain use cases, their business models and the possibilities of VeChain in the corporate sector. During the meeting, attendees also discussed how VeChain-based products have helped offset the impact of the Covid-19 pandemic and the platform’s potential to incentivize a low-carbon ecosystem.
According to a report by the state-backed television broadcaster Shanghai Media Group (SMG), this platform has seen a boom in China. This news channel reported on VeChain’s role in a 5 year plan to develop its blockchain capabilities.
VeChain potential recognized by Nasdaq
After the crash in the crypto market, some altcoins are available at a “discount”, as optimistic investors have said. In a report published by Nasdaq entitled “7 Inexpensive Altcoins That Still Have Solid Potential in 2021,” VeChain, Bitcoin, Cardano, Ethereum, and others were featured in this ranking.
The report cited a dissertation by the academic Pietro Palamara from the Faculty of Industrial and Information Technology of the Polytechnic University of Milan, Italy. This academic claimed the following:
Vechain is an approved blockchain platform based on the Ethereum blockchain. It was developed by the Chinese BaaS company BitSe based in Shanghai and founded by ex-managers from IBM, Louis Vitton and Alibaba. Vechain’s developers aim to completely eliminate the threat posed by the counterfeit goods market by leveraging the power of smart contracts and blockchain technology.
VET is trading at $ 0.11 with a 10% and 13.8% correction on the daily and weekly charts. In the monthly overview, vocational training recorded a loss of 45.9%.
This cryptocurrency was hit hard by the recent crash, but analyst Justin Bennet appears optimistic about its long-term performance. He said:
What people forget is that $ VET started this correction at + 17,600% from the March 2020 low. Even at 0.04, it would still have risen 2,400% since the 2020 low. You cannot enjoy these types of gains without major bowel controls.