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vechain vet coin

VeChain Starts Collaborating With Walmart in China Amid $25 Million Buyback Plan

ยท 06 Jul 2019
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

VeChain (VET), the blockchain platform that helps retailer offer authorized and good quality products (authenticated through distributed ledger technology) has registered a new milestone. According to VeChainStats, the network has reached 1,101,530 clauses, a record for the network. In addition to it, the VeChain Foundation announced that it started a token buyback plan of $25 million. 

VeChain Registers New Record And Starts VET Buyback

The VeChain Foundation has recently announced a new VET buyback plan of $25 million worth of tokens. The network has been registering a substantial growth and has also made remarkable achievements during the last months. This is why the team behind VeChain decided to start this buyback plan. 

The main intention behind this buyback plan is to further support community building and promote the development of the VeChain ecosystem. The funds acquired will be injected into VeChain’s funding pools. As the firm explains, with more VET in stock, more VTHO is going to be generated, being able to provide financial support to projects that use the VeChainThor Blockchain. 

In addition to it, the VeChain Foundation wants to help VET become a store of value. They explain that they have been working during the last years in order to establish VET as a value-transfer medium as well as a store of value, which would enable rapid value circulation in the VET ecosystem. 

The official blog post about this new plan reads as follows:

“Another major issue that VeChain aims to tackle with the introduction of this plan is to explore the feature of VET being used as smart money and store of value within the VeChain Ecosystem and the ecosystem of our affiliations.”

During the last few months, VeChain has been expanding with different agreements and partnerships. One of them is related to the partnership with the Chinese consumer electronics giant Haier or Walmart China. At the same time, Italian wineries are also working with VeChain’s technology. 

Through the latest agreement with Walmart China, VeChainThor blockchain is going to power the Walmart China Blockchain Traceability Platform (WCBTP) with the help of PwC, Inner Mongolia Kerchin and the China Chain-Store & Franchise Association. 

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