VeChain, with its cryptocurrency VET, is a blockchain platform that focuses on financial services, supply chain management, and smart contracts. VET was the first blockchain company to create a disaster recovery plan and the first to partner with the Chinese government.
The VeChain token launched in 2015. VeChain first tried to apply an open blockchain network to the internet of things in late 2016. It partnered with companies doing business in luxury goods, agriculture, logistics, and food/drugs, as well as state administration. VeChain established offices in Shanghai, Singapore, Paris, and Tokyo.
VeChain was the first blockchain company to make a deal with the Chinese government, as it became the blockchain technology partner of the regional government of Guiyang. It also started developing technology solutions for China’s tobacco monopoly through partnership with China’s National Research Consulting Center (NRCC). It also partnered with PricewaterhouseCoopers, DNV GL, BMW, Michigan State University, and Oxford University Math. PricewaterhouseCoopers helped it create the first accredited cryptocurrency disaster recovery plan.
The blockchain began trading as VEN at the end of August 2017. It became the 16th most valuable cryptocurrency in January 2018. It rebranded from VeChain (VEN) into VeChain Thor (VET/THOR). At the same time, it established itself as a platform and shifted its focus from the Internet of things and supply chain management towards financial services, with Jim Breyer in an advisory role.
VeChain was the only top 20 cryptocurrency that did not show negative returns in the first three months of 2018, instead gaining 28 percent. In April 2018, it was the 17th largest cryptocurrency.
