Electrical colossus Schneider Electric selects VeChain as a partner in its ecosystem

Schneider Electric has chosen VeChain, a blockchain platform focused on supply chain management, as an ecosystem partner.

Schneider Electric will harness VeChain’s technology to digitise the economy, VeChain revealed through Twitter. We are happy to announce that #VeChain has been named an official partner of Schneider Electric’s Digital Ecosystem!

VET has maintained a leadership position in supplying public #blockchain to Fortune 500 companies, assisting them in digitising the economy via our technology.

VeChain has been hinting at a prospective collaboration with the blockchain-based startup that would dominate China’s October 2021 Schneider Electric Green Innovation Summit.

VeChain’s position as a blockchain firm is enhanced by this agreement since Schneider Electric is a Fortune 500 corporation with a market value of over $100 billion.

VeChain fosters collaboration.

VeChain, in general, continues to make advances in working with a variety of institutions in its pursuit of widespread adoption of blockchain technology. For example, VeChain announced that the Inner Mongolian government will use the VeChainThor blockchain to power a huge and comprehensive tracing network.

“We are pleased to announce that the Inner Mongolian government has selected VeChainThor to power a huge, fully traceable platform! This ground-breaking, government-led initiative represents a significant step forward for VeChain and the widespread use of blockchain,” the VeChain Foundation said.

VeChain technology is now being used in a variety of sectors, including food safety, luxury products, liquor, and agriculture. The platform seeks to accelerate business blockchain adoption by providing companies with a tracking solution that blends blockchain and smart chip technology.

Simultaneously, VeChain is expanding its cryptocurrency offerings, having just launched a new decentralised exchange called ZumoSwap. The DEX is intended to be used in conjunction with Exchange, the network’s automated market maker (AMM) and liquidity provider protocol.

The platform’s native cryptocurrency, VET, seems to be unaffected by the string of new collaborations and partnerships. At the time of publication, the cryptocurrency was trading at $0.085, down more than 6% in the past 24 hours.

However, in recent days, VET’s price has stayed nearly constant, despite the fact that other cryptocurrencies have recovered somewhat after the broader market drop.

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