VeChain is the company behind both the VeChain blockchain (also known as VechainThor) and the VET cryptocurrency.
In particular, the VeChain blockchain (or VechainThor) supports the storage and exchange of a virtual currency called VET.
By way of comparison, Bitcoin, the most famous cryptocurrency, also uses a blockchain, but with the same name as its token.
What’s special about VeChain is that its blockchain also offers new tools (services, applications) specialized in data traceability.
For example, companies can use the VeChain blockchain to track all their products and goods, from creation to marketing.
This technology can both improve supply chain management and enable customers to track products on sale or already purchased in real time.
But it is also a tool in the fight against counterfeiting, and a means of promoting food safety.
The latter use has also found favour with American retail giant Walmart, which uses VeChain to track where and how its food products are grown, stored and transported.
VeChain is also used by brands such as LVMH, hospitals, universities and even government departments.
Price VeChain (VET)
€ 0.02
+5.3 %
Information on the price
Price variation (24h)
+5.3 %All-time high
€ 0.23
Trading volume (24h)
€ 103 757 841
Price variation (7d)
+3 %All-time low
€ 0.00
Diluted valuation
€ 2 079 017 689
Price variation (30d)
+10.2 %Circulating supply
85 985 041 177 VET
Total supply
85 985 041 177 VET
Price variation (200d)
+20.4 %Market capitalization
€ 2 079 017 689
Max supply
86712634466 VET
Trading opportunity
Suggested entry price
Suggested entry price VET
Recommendation
Recommendation VET
What is VeChain ?
VeChain
History
Until the end of 2020, the cryptocurrency directly went through a long period alternating stability and a downward trend, during which the VET price saw its all-time low.
Indeed, on March 13, 2020, the VeChain saw its price reach 0.0017 euro.
A 5-star token?
Following a partnership sealed with Walmart China in June 2019, VeChain was notably awarded the first 5-star certification for a blockchain service at the end of 2020 by TÜV Saarland Certification GbmH, a renowned German company specializing in certifications.
The VET price then rose almost linearly until April 19, 2021, when the token reached its record level at 0.2350 euro.
This represented a staggering 13,600% rise in the VeChain price from its low point just one year earlier.
This trend continued in the first half of 2022.
Starting at 0.076 euro on January 1, the VET price fell to 0.040 euro at the end of February.
It then climbed back up on April 1 to its level at the start of the year, before falling back below 0.030 euro at the end of May – beginning of June.
Since the July 2018 launch of the VET price, the crypto has gained around 500% on its value.
Who are the founders of VeChain
Its first token issue (ICO), which took place between August and September 2017, managed to raise nearly $20 million.
At the launch of this first currency, which was then called VEN and not VET, the VeChain team had distributed it on the Ethereum blockchain, which shares similarities with the VeChain project.
After gaining experience and continuing to develop its tools, VeChain revealed its own blockchain renamed VeChainThor, on which it launched a new token in July 2018 that is the current VET.
The Vethor token
At the same time, a second token was created in addition to VET: the VeThor Token (VTHO).
In a nutshell, the VET is used as the main cryptoactive, the one most traded on the market and which also gives its users the right to vote on VeChain protocol changes.
For its part, the VTHO, which is produced with each VET created, is used as a currency for the purchase of VeChain tools (by companies, institutions, etc.), and for the execution of smart contracts (rather like gas in Ethereum).
The creation of a double token also serves to keep network congestion to a minimum, so that transactions remain fluid.
Two years later, a new landmark partnership will be sealed, as the Republic of San Marino uses blockchain for its Covid vaccination certificate.
Today, VET is one of the top 40 cryptocurrencies in terms of market capitalization.
Who are the investors of VeChain
VeChain’s main investors include PwC and Deloitte, two of the world’s largest consulting and auditing firms, who have backed VeChain for its potential to transform supply chains through blockchain. DNV GL, a global leader in quality assurance and risk management, is also a key partner and investor in VeChain, using its technology to improve product traceability and transparency.
VeChain has also benefited from the support of Tim Draper a renowned investor in emerging technologies and blockchain.
Why invest in VeChain
VeChain stands out for its ability to improve the traceability, transparency and efficiency of supply chains in various sectors such as logistics, healthcare, and the food industry.
Thanks to its strong partnerships with renowned companies such as PwC, DNV GL, and supply chain giants, VeChain benefits from a growing adoption of its blockchain solutions by leading companies.
Its technology enables data to be secured and verified throughout a product’s lifecycle, offering real added value to companies seeking to digitalize and manage risk.
VeChain uses a decentralized governance model with a dual token system (VET and VTHO) that separates speculation and use of blockchain services, supporting the stability and adoption of its network.
€ 0.02
VET
What influences the VeChain (VET) price?
VeChain’s (VET) share price is influenced by corporate partnerships, the adoption of its blockchain technology in supply chains, and general cryptocurrency market trends.
How can I track VeChain's share price in real time?
You can follow the VeChain (VET) price in real time on Coinhouse.
How has VeChain's share price evolved recently?
Recently, VeChain’s (VET) share price has seen swings linked to announcements of new partnerships and the growing adoption of its blockchain solutions by businesses.
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