VeChain (VET) – an IoT (Internet of Things)-centric digital currency based in China – recently experienced an increase of more than 50 percent in its value in a space of 24 hours.
Analysts in the digital currency space have attributed the recent spike in the value of the coin to strategic series of partnerships the blockchain project has been able to secure as well as the improving momentum of coins in the global digital currency market.
One of the Most Significant Partnerships Secured by the VeChain (VET) Team
Back in May, PricewaterhouseCoopers – a “Big Four” auditor which is also referred to as PwC, bought a stake in the blockchain project with the intention of using the IoT network of VeChain to serve the multi-billion dollar customers and companies that depend on the services of the firm.
The involvement of PricewaterhouseCoopers has been very important to the performance of VeChain in the last three months because it means large-scale companies have started showing interest in the blockchain protocol of VeChain. The partnership between VeChain (VET) and PwC was extremely valuable because the firm acquired a little ownership interest in the network of VeChain, with the intent of partnering with the development team of VeChain as an investor, not as a client.
Since May, the blockchain project has vigorously expanded its services to the world. This also helped it to win a contract with China’s government to build a vaccine tracing solution.
Other Possible Factors
The enormous increase in the value of the coin was also driven by the general recovery of the digital currency market. But most of its increase came as a result of its partnerships and the coin might continue in this trend in the coming weeks.
VeChain (VET) Price Today – VET / USD
VeChain (VET) is currently worth $0.013 in the crypto market. The current market cap of the digital currency is $719.92 million with a trading volume of $57.94 million over the past twenty-four hours.