VeChain (VEN) has officially been rebranded VeChain Thor (VET). Although the rebranded name is yet to be effected on coinmarketcap and across the social media platforms of VeChain, the rebranding was made official on the VeChain website. VeChain Foundation also made some interesting announcements to go with the rebranding that happened yesterday.
VeChain Foundation announced a partnership with a global giant in the auto mobile industry; BMW. This partnership has the potential of projecting VeChain Thor to another height. A big milestone indeed, but VeChain made more interesting reveals as they rebranded VeChain Thor in anticipation of the MainNet Launch on June, 30.
VeChain Thor also announced a collaboration with a world renounced university in London. According to the announcement in a video by Sunny Lu, CEO of the VeChain Thor project, Oxford University will aid the technical development of the VeChain Thor platform. The VeChain Thor platform is scheduled to go mainstream in 19 days, and the TestNet is now open on the official VeChain website.
The VeChain Thor MainNet launch is already gardening a lot of attention and support, ahead of the VeChain Thor MainNet Launch in 19 days, DEBT, an online casino platform has announced that it will be porting out of Ethereum to the VeChainThor platform upon its launch.
As at the time of this writing, VeChain Foundation has confirmed three ICO’s to launch on the platform; Plair, Mustangchain and Bitocean. The growing attention the MainNet is receiving has forced VeChain foundation to intensify its emphasis on security. Last week, VeChain Foundation announced a fourth partnership to help in the security and testing of the MainNet
Price and Market Performance of VeChain (VEN) Now VeChain Thor (VET)
Today’s market opened with over 87% of all cryptos trading in the red, including VeChain Thor (VET). VeChain opened the week with a sharp decline, setting off the growth it accumulated in the preceding week. VET closed last week with a trade – exchange value of around $4, before the bearish trend kicked in.
As at the time of this writing, VeChain Thor (VET) is trading at $3.28 following a sharp decline of 10.92% over the last 24 hours. The general bearish trend ensures that VeChain maintains its position as the 16th largest digital asset with a market capitalization of $1.79 billion USD.
VeChain Thor maintains a daily trade – exchange volume of over $100 million ($112.4 million traded over the last 24 hours), which is a good sign. VeChain may have suffered at the hands of the faltering market in the last couple of months, but it manages to make up for the decline with sharp price hikes.
Future of VeChain Thor (VET)
Since its launch in November 2018, VeChain has enjoyed an excellent run in the market. The growth of VeChain has been astronomical, VEN now VET achieved its all-time high of over $9 USD in January. In a favourable market, VeChain Thor could easily replicate that form with its new rebranding and partnerships.