VeChain (CCC:VET-USD) is gaining on Monday and it’s thanks to several bits of news that crypto traders will want to know about.
Source: Yevhen Vitte/Shutterstock.com
First off, what exactly is VeChain? It’s another cryptocurrency in the growing sea of them. However, it doesn’t offer some unique ideas. That includes the ability to make use of NFTs for tracking purposes.
It’s this NFT tracking idea that has VET on the move today.
The first bit of news comes from China and it has to do with pet food made in the country. There are problems with counterfeits, as well as the inability to track and source ingredients. That’s where VeChain comes in.
VeChain wants to make use of its NFT tracking for pet food. This would allow it to enter a billion-dollar industry and help companies better track where ingredients come from. This could help cut down on the number of counterfeit ingredients in the market.
That same NFT tracking could also have a much more serious use: vaccine passports. The idea of vaccine passports is heating up and with it comes talk of how to go about it. Yet again, this is a case where VeChain could enter the space with its NFT tracking to provide those services.
Finally, we have to talk about a $1 million grant program launched by VeChain. This provides developers with funds to create projects for its VeChainThor platform. That platform is worth noting as it handles Enterprise NFTs. Companies that the crypto has teamed up with include Walmart (NYSE:WMT) China, Bayer (OTCMKTS:BAYRY) China, and more.
VET was up 4.6% over a 24-hour period as of Monday morning.
We’ve got other crypto news you’ll want to know about below!
InvestorPlace tracks the latest crypto news daily and today is no different! A few examples of what to look over today include Dogecoin (CCC:DOGE-USD), what traders are saying about DOGE on social media, as well as an update on Shiba Inu (CCC:SHIB-USD). You can learn all about that at the following links!
More Monday Crypto News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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