VeChain price spikes 37+% in an hour following Walmart news
The VeChain price spiked by a third in less than an hour, following confirmation the cryptocurrency had partnered with Walmart in China.
Just before 1pm AEST Tom Foth, senior director at Price Waterhouse Coopers posted a brief update on Twitter.
"At the Walmart, Vechain, PwC announcement food safety tracking of foods Walmart sells in China. Vechain is providing the blockchain technology."
I really wan to wait for official release. And PwC Fellows are quite proud for what we have achieved together. https://t.co/inYlxpo9nO— Sunny LU, VeChain (@sunshinelu24) June 25, 2019
VeChain CEO Sunny Lu confirms the news
VeChain CEO Sunny Lu followed that up shortly after with a series of tweets:
"I really want to wait for official release. And PwC Fellows are quite proud for what we have achieved together.
"1. It shows big enterprise like Walmart to explore production application to not only Private but Public Blockchain
"2. It's truly and definitely mass adoption not only reaching to consumers but also aligning with more than 500 food suppliers batch by batch in a same replicated mode
3. Perfect collaboration with PwC and it's replicable!
4. Technically, cross-chain protocol between VeChain and the other is done. And we are ready to future model, I quote from someone from IBM "hybrid model is the future"
5. That's what I called Significant Meanings to the entire Blockchain space. It shows the right way!
6. It's not just a "partnership", and it's a live project and application with valuable transactions to be seen by consumers."
The Vechain price, which has been bumbling along well under 1 cent for months now, suddenly spiked from .00785 to .010266.
VeChain is a supply chain tracking cryptocurrency. At the recent VeChain summit in April, Sunny Lu had foreshadowed an announcement from one of PwC's clients.
He promised the new partner would be using the VeChain network They also revealed that one of Price Waterhouse Coopersin "a significant milestone to the entire blockchain space".Walmart China is HUGE
Walmart has operated in China since 1996 when it opened its first Walmart Hypermarket in Shenzhen.
The company has now grown to 426 stores, 8 dry distribution centers and 11 fresh distribution centers in 169 cities across the country with about 100,000 associates.
Walmart China has established partnerships with over 7,000 Shinese suppliers here, and more than 95% of the merchandise it sells is sourced locally.
Walmart has served over 6 billion customers and members in China.
VeChain has also partnered with Deloitte, BMW, Renault, BYD Auto, Amazon Web Services, Haier, People's Insurance Company of China and DNV GL among others.