VeChain (VET) is a blockchain cryptocurrency that operates on the BaaS (Blochchain-as-a-Service) framework. VeChain’s main objective is to decentralize and transform how global business supply and management chains are monitored. VeChain aim to achieve this through the provision of a faster, transparent and trust-free platform.
VeChain utilizes tamper-proof distributed ledger technology (DLT) to monitor and verify the authenticity and quality of products along the supply chain to ensure that the final consumer gets genuine value for whatever they buy. To put it into perspective, VeChain works with the manufacturers and suppliers to prevent counterfeited goods from being sneaked into the market.
According to a press release posted October 26th – The national investment partner of the Republic of Cyprus, CREAM – United States based-blockchain startup and VeChain Foundation-Singapore located signed a Memorandum of Understanding. The idea behind the event is to work and develop a framework for the foundation of cooperation in the industry of blockchain tech. A major stone set on the road to the next digital age for Cyprus.
“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 investments 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.” –Michalis P. Michael, Chairman of Invest Cyprus
CREAM – a U.S registered legal entity that concentrates on strategic investments and advisory on blockchain projects and related cases.
Via the use of blockchain technology, CREAM and VeChain Foundation will deliver suggestions to Invest Cyprus [The third Part of the MoU] which include also different policy changes that allows blockchain to expand as an infrastructure for financial services and operations.
“Just as the blockchain technology represents something much bigger than business and money, this partnership represents the true competency for global change embedding trust, transparency, and fairness to the core of our society. Along with our partners, we are excited to showcase the true value of blockchain as supplemental technology and as an infrastructure to the world.” – Sunny Lu, Co-Founder, and CEO of VeChain