VeChain Partnership With Walmart China Sees Coin Gain Over 30%

Supply chain and enterprises focused blockchain project, VeChain has officially announced a partnership with Walmart China, a Chinese subsidiary of the multinational retail giant.

As first reported by a LinkedIn update by Tom Forth, Senior Director, Emerging Technology Labs at PwC, the new partnership will see Vechain provide blockchain infrastructure that will track foods Walmart sells in China while PwC takes up the auditing role.

ChainNews further reports on the progress made so far, revealing that the first batch of 23 Walmart products has been tested and launched on the platform.

For the second half of 2019, the target for both Walmart and its new partners would be to launch over 100 new products on the food traceability blockchain infrastructure provided by VeChain.

VeChain (VET) Sees Over 30% Growth

As one would expect, the newly announced partnership at the ongoing Walmart event has had a significant impact on the price of VET, the native cryptocurrency of the VeChain blockchain.

At the time of writing, the altcoin has seen its value grow by over 30% moving from $0.007 per coin to $0.0093. Earlier in the day, VET had reached $0.01 per coin.

Note: This post was updated to include the notice of an official announcement of the partnership by the VeChain Foundation.