Vechain (VET) To Purchase $25 million worth of VET in 12 months

Vechain

Vechain (VET) is one of the popular blockchain projects that has been integrated by several organizations. With its solutions and innovations, the cryptocurrency has grown in the past year.

Looking to capitalize on this, the Vechain network plans to encourage App users within its network.

During the latest AMA marathon hosted by the platform, Sunny Lu, the co-founder and CEO revealed that the Foundation Steering Committee have decided on proceeding with a buyback plan.

VET Buyback Plan Initiative

This buyback plan would see the committee purchase up to $25 million worth of VET in the next 12 months. According to Lu, this new development is aimed at bringing incentives to ecosystem developers for long term success.

This development would follow a growing trend within the blockchain industry whereby trust funds or grants are created for research or promotional purposes.

Cardano (ADA) has a trust running for developers and VeChain are looking to attract more developers to its platform with this development

Vechain Made Gains In Q1 and Q2 of 2019

Vechain (VET) has enjoyed a positive half of the year so far. The cryptocurrency witnessed the adoption of its solutions by several businesses in different sectors.

With its unique logistics and supply chain blockchain technology Vechain has been able to place itself as a leading player in the chain management sector.

Adoption of Solutions

Earlier this year, three top wine manufacturers in Italy adopted the Vechain Mystory solution.

This solution according to reports would enable the wine companies to gather more information from the production phase to its delivery to the end user.

Vechain also hit another huge partnership with Chinese food giant Bright Foods.  In this partnership, Vechain developed a supply chain tracking solution called Bright codes.

With the current rate of adoption that Vechain is receiving from businesses, the coin could benefit from a ripple effect. Vechain (VET) currently trades at 0.000842 for a unit.

Olowoporoku AdeniyiOlowoporoku Adeniyi

Author: Olowoporoku Adeniyi

cryptocurrency evangelist with five years experience in the blockchain industry

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