VeChain and BMW Partnership Officially Announced

On Monday, February 26, a leading blockchain platform for information and products – VeChain announced a partnership with BMW.

The rumours about the VeChain and BMW partnership have been circulating for a while, and they have finally been confirmed at the recent VeChain and Thor rebranding conference.

No official statement has been made yet by VeChain, their Social Media accounts are still quiet as well.

The summit was organised to officially introduce a new branding of the cryptocurrency as VeChain Thor.

The network will support two different tokens: VeChain (VET) and Thor Power (THOR).

VeChain will generate THOR just like NEO (NEO) generates (GAS) GAS. It means that, even though it will only rack up 0.00042 THOR per VET coin per day, you can earn a passive income with this currency.

Since the aim of the conference was entirely different to announcing meaningful partnerships, the cryptocurrency community welcomed the news with as a nice surprise:

VeChain BMW partnership

The new partnership alo proved the revolutionary aspect of this cryptocurrency and its potential for the future.

What Is VeChain Token?

Finding information about VeChain is not the easiest – according to the official website, VeChain is a leading blockchain platform for products and information which is quite a vague statement.

However, looking under the hood shows that VeChain has already three working products being developed. And all of them are focusing on different markets.

The notorious cryptocurrency is primarily known for its product tracking – the modern blockchain-based answer to supply-chain management solutions.

With this system, consumers and merchants can verify the authenticity and quality of any goods using smart chip technology that’s all maintained on a blockchain.

VeChain has developed and API gateway service, used by a Chinese company in relation to importing goods.

Additional application of VeChain is used by a worldwide auditing company – PricewaterhouseCoopers, for validating “third-party services”.

Despite all of its potential applications, the biggest advantage of VeChain lies within its capability to provide transparency.

Blockchain technology, in general, solves the issue of untrackable goods and fraudulent information, but VeChain is one of the first ones to actually utilise this idea in a real-life working product.

What Does The VeChain and BMW Partnership Mean?

VeChain announces BMW partnership

Well, there are two sides of the coin here.

First of all, BMW is a worldwide recognisable company that is the first one to use VeChain. This will undoubtedly increase the reputation of VeChain and will encourage others to join.

Secondly, BMW has a chance of becoming a leader in terms of supply and chain for automotive industry.

The ability to track products (in case BMC it’s parts and cars), will improve efficiency and profitability. Not the mention an increase in trust levels due to transparency.

At the same time, BMW’s competitors won’t have much choice but to eventually join either VeChain or a similar network to be able to compete with the German car manufacturer.

Let’s not forget that big companies like BMW set the precedent for other massive partners, increasing the same VeChain’s chances for success.

How To Invest In VeChain?

Currently, VeChain cannot be purchased with fiat currency. The only option of investing in VeChain is exchanging Bitcoin, Ethereum, Litecoin or any other cryptocurrency for VeChain.

There are several options to do that:

Option 1 – Buy Bitcoin and Exchange It for VeChain

If you don’t own any cryptocurrency yet, then you will have to open an account with an exchange that will allow you to buy cryptocurrency with fiat.

If you’re based in Europe, the best exchange to use will be BitPanda where you have an option of buying crypto with credit/debit card as well as bank transfer. You can read more in our BitPanda review.

If you’re based outside of Europe, the best option is CEX.io. Similarly to BitPanda, you have to first buy cryptocurrency with fiat. You can read more in our CEX.io review.

Once you own one of the better-known cryptocurrencies, you will have to exchange it for VeChain.

To do that, you have to open an account with Binance, transfer your cryptocurrency and exchange it for VeChain. You can read about the entire process in our Binance review.

Option 2 – Exchange Current Crypto for VeChain

If you already own cryptocurrency, then the process is much quicker.

You will need, however, an account with Binance to trade VeChain. Simply, transfer your coins to Binance and exchange for VeChain.

Which Wallet Supports VeChain?

One of the most popular (but not the most secure) option is MyEtherWallet which works as an extension to your current browser and stores Ethereum-based tokens.

Under no circumstances, you should be storing your fund on an exchange!

If you are looking for a more secure option, look at the hardware wallet Ledger Nano S. Not only it has a stellar market reputation, but it’s also one of the most secure cryptocurrency wallets on the market.

You can read more in our Ledger Nano S review.

Will The Price of VeChain Raise?

VeChain investors have been waiting for a big announcement for months, so as soon as the news broke, so did the hope for a price increase.

Unfortunately, the price didn’t go up that much and it actually dropped by almost 1% just a few hours after the news release.

One argument is that the vast majority hasn’t heard the news yet, and VeChain hasn’t made an official statement.

However, regardless of the price today, VeChain has an enormous potential for the future and the rest of 2018.

VeChain and BMW partnership is just a beginning of other significant partnerships which will likely happen throughout the year.

If you do believe in the technology behind VeChain, then this is probably your last-call for investment before the price starts going up.

If, however, you’re not convinced to VeChain yet, read our guide to The Best Cryptocurrencies To Invest In 2018.

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Megan is a self-taught blockchain enthusiast. She enjoys combining finance with technology, from a less-techy perspective. BiteMyCoin is her most recent project underneath the umbrella of an international digital marketing agency ANCHOVY.