VeChain - Crunchbase Company Profile & Funding (2024)

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What is the company profile of VeChain? ›

Company profile of VeChain

VeChain provides a cloud-based blockchain networking platform. Known as ToolChain, it enables product lifecycle management, supply chain process control, data deposit, data certification, and process certification solutions.

Sunny Lu, former chief information officer of Louis Vuitton China, and Changpeng Zhao, Chinese-Canadian founder and ex-CEO of Binance, founded VeChain in 2015 as a subsidiary of Bitse, an organization that provides blockchain-powered solutions.

VeChain is a layer 1 blockchain protocol that provides businesses with a low-carbon, highly scalable platform to build and run decentralized applications (dApps).

VeChain looks promising for the future for many, with its innovative technology, strategic partnerships, and expanding adoption in various industries. Its solutions for real-world challenges like supply chain management and product verification position it for sustained success in the evolving blockchain sector.

2- VeChain – Keeping It Real with Supply Chains

It was founded back in 2015 by this Chinese guy named Sunny Lu, who used to be an executive at Louis Vuitton in China. With his luxury goods background, Sunny saw firsthand how messy global supply chains can be behind the scenes.

History of VeChain

Sunny Lu, the former chief information officer (CIO) of Louis Vuitton China, founded VeChain in 2015. It began as a subsidiary of Bitse, one of China's largest blockchain companies, and is one of the few block chains with a significant customer base among established companies.

By leveraging blockchains, companies like VeChain and Walmart can provide consumers with unparalleled visibility into the journey of food products, from farm to fork. This level of transparency not only enhances food safety but also empowers consumers to make informed choices about the products they purchase.

Who are VeChain's investors? BlackDragon (Crypto), BlockAsset Ventures, CREAM (Las Vegas), Cyberight Capital, and Evangelion Capital are 5 of 26 investors who have invested in VeChain.

In May 2022, the network's foundation had $1.2 billion in its treasury. In June of that year, the VeChain Foundation began its relationship with UFC, entering into a $100 million sponsorship deal with the mixed martial arts promotion.

Does VeChain have a max supply? ›

VET has a circulating supply of 72.71B coins and a max supply of 85.99B VET.

Initially they launched the cryptocurrency VEN on the Ethereum blockchain, raising $20 million as part of a token crowdsale. VEN was later replaced by VET at a 1:1000 ratio when VeChain launched its own blockchain, the VeChainThor blockchain.

Its analysts suggest VET could reach $5.15 in February 2040 and even surpass $10 by May 2040. According to data from CoinMarketCap, the digital asset is trading at around $0.04, achieving these targets would require a substantial increase – 12,500% to hit $5 and 25,000% to hit $10.

VeChain price prediction 2025: VeChain's price for 2025 according to our analysis should range between $0.12 to $0.19 and the average price of VET should be around $0.16.

For those aspiring to achieve a $1 million portfolio with VeChain priced at $1 per coin, the calculation is straightforward: divide the desired target of $1,000,000 by the coin price of $1, resulting in the acquisition of 1,000,000 VET.

VeChain Partnership with Walmart

Through the collaboration, Walmart customers leveraged VeChain's tech to enhance the traceability of products' origin and other details. In addition, VeChain's technology also enabled Walmart customers to track products from farms to the stores.

VeChain is headquartered in Shanghai, China.

VeChain Use Case: VTHO as a Stable Gas Token

VeChain charges users for transactions like many other blockchains (often referred to as gas prices like on the Ethereum network).

VeChain is located in Shanghai, Shanghai, China .