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VeChain: Internet of clothing specialist takes 5,300 service providers on board in 15 countries

  • The VeChain (VET) ecosystem has grown to over 300 enterprise partners through its platforms such as the VeChain ToolChain, which enables businesses of all sizes to collaboratively create new services and products.
  • VET price is trading around $0.02333108, up 4.8 percent in the last 24 hours.

During the 2019 crypto bear market, VeChainThor Blockchain became a core technology in which COSMOPlat open platform – an ecological backbone of Haier Smart Home – members operate within. Through the partnership, the Digital Carbon Ecosystem (DCE) is integrated with the Haier IoC platform, an apparel lifecycle management platform. As such, DCE, VeChain and Haier entered into a pact to use blockchain technology in clothing management.

Fast forward to 2023 – after Bitcoin price recovers from the 2022 bear market – and Haier’s smart home ecosystem powered by the Internet of Clothing (IoC) and Internet of Food (IoF) announced that it has onboarded more than 5,300 resource providers across 15 industries. In particular, the built-in resource providers offer a smart full-cycle experience covering wash, care, handling, carry and purchase to over 65 million users.

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The VeChain (VET) ecosystem has grown to over 300 enterprise partners through its platforms such as the VeChain ToolChain, which enables businesses of all sizes to collaboratively create new services and products. The VeChain product has been adopted by industry-leading companies from different continents who need supply chain automation to ensure credibility. Furthermore, blockchain technology has played a significant role in uplifting businesses in the post-Covid era.

VeChain and the market outlook

The VeChain ecosystem is composed of companies leveraging the latest technology, including augmented reality (AR), virtual reality (VR), artificial intelligence (AI), internet of things (IoT), and 5G, among others. As a result, VeChain (VET) has grown into a billion-dollar blockchain with a market capitalization of approximately $1,690,636,812 and a 24-hour trading volume of approximately $70,678,471.

According to our latest crypto price oracles, VeChain (VET) is trading around $0.02339085, up about 5 percent in the last 24 hours. During the latest crypto pump, the VET price has increased approximately 43 percent in the last 30 days. However, the digital asset has fallen approximately 91 percent from its ATH, $0.280991, achieved in mid-April 2021.

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The versatile Layer 1 protocol was started in 2015, but launched its mainnet three years later. With two tokens in operation, VET and VTHO, the VeChain ecosystem has convinced industrial customers of its capabilities. Furthermore, VET generates VTHO and acts as a store of value and transfer medium. VTHO is mainly used to pay for GAS costs, thereby separating the need to use VET when writing data.

The partnership with Haier is expected to further increase on-chain activity on the VeChain network, which will guarantee a significant rally in the next crypto bull market.

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