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The VeChain Foundation announced a collaboration with the UN to use the VeChain blockchain in support of achieving the UN’s SDGs by 2030. VeChain’s native token, VET, strengthened after the announcement.
UN VeChain Partnership
In a tweet posted on January 25, VeChain announced a partnership with the United Nations focused on increasing global sustainability. That tweet said;
This newly formed alliance means VeChain will be the go-to chain for achieving the UN SDGs.
The SDGs are a set of goals by the United Nations to address various issues of environmental preservation. The SDGs tackle poverty, clean water and sanitation, hunger, health, education, clean energy, sustainable cities, decent work, economic growth, responsible consumption and more.
The VeChain Foundation is working hard to achieve its goal of using blockchain to drive real-world sustainability. On the other hand, the VeChain blockchain has been popular for supply chain related issues. Last year, the network launched eco-friendly PoA 2.0.
While making the announcement recently, VeChain released a blog post detailing the goals of the partnership. The Foundation notes the positive effect its digital ecosystem has on society while emphasizing sustainability.
Furthermore, VeChain announced a newly formed concept, ‘digital ecosystem’, which aims to help achieve the SDGs by 2030. VeChain did not provide further details on the concept of digital ecosystem.
However, they promised to release the details by the end of the first quarter of 2023.
The foundation also highlighted its roadmap for the next year and a half, with a high focus on sustainability. Some of the goals targeted in the first half of 2023 include building a carbon footprint explorer and a carbon footprint model.
The VET demonstration followed the announcement
The announcement by VeChain led to some notable price action for the native token VET. At the time of reporting, the Coin was trading at $0.024. However, this is an increase of 5.69% from the previous 24-hour price.
According to Coinmarketcap’s chart, right before the VeChain announcement, their token was trading for just $0.0217. Immediately after the announcement, this token started recording spikes rapidly to reach its current value. This coin has gained over 10.5% value after the announcement.
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