VeChain, a blockchain focused logistics firm, has entered into a strategic collaboration with Invest Cyprus, the national investment partner of Cyprus.
The strategic collaboration, also involves CREAM, a U.S. based firm specializing in strategic advisory and investments for blockchain projects. The three firms have signed a Memorandum of Understanding (MoU) that will focus on establishing a framework in the blockchain field.
The Purpose Of The Partnership
The memorandum of understanding is focused on steering Cyprus to the next digital age through blockchain technology.
According to the press release, a joint venture will be formed by CREAM and VeChain in Cyprus to help:
“Accomplish several national level investment strategies involving the advancement of blockchain technology and blockchain powered economies.”
The partnership between VeChain, CREAM, and Invest Cyprus will be aiding the Republic of Cyprus as it looks to establish a real use case of the distributed ledger technology in investment, finance, economic, among other aspects of society.
Michalis P. Michael, the Chairman of Invest Cyprus, said:
“The plans unfolding in Cyprus should open the world to what is achievable by investing in new technologies. Invest Cyprus as a promoter of Cyprus Investment opportunities and advisor to the government of Cyprus in the investment space, sees this technology as both transformational and fiscally restorative at the infrastructure level.
We are investing in the development of the fintech, blockchain sector and we plan to be at the forefront so that we can facilitate investments and economic development in Cyprus and the region.”
The cooperation between the three entities is supposed to come up with the best practices that comply with the European Union laws, Anti-Money Laundering regulations, and Know Your Customer practices.
Additionally, the best practices should be fair, transparent and capable of igniting positive economic strides in Cyprus.
According to Sunny Lu, CEO of VeChain, the distributed ledger technology is a supplemental technology and an infrastructure to the world.
Jackson Fu, the Co-founder and Managing Partner at CREAM, pledged that through the partnership, blockchain projects would finally have a home that will encourage development under the protection and support of the law.
Also, recently VeChain teamed up with DB Schenker, a global logistics firm, to create a supplier evaluation rating system based on the blockchain.
Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology.