VeChain Foundation announced a collaboration with the UN to use the VeChain blockchain in supporting the achievement of UN SDGs by 2030. VeChain’s native token, VET, rallied following the announcement.
VeChain’s UN Partnership
In a tweet posted on Jan. 25, VeChain announced a partnership with the UN focusing on improving global sustainability. The tweet said;
This newly forged alliance means VeChain will be the go-to chain for attaining the UN’s SDGs.
The SDG is a set of goals by the UN to address different environmental preservation issues. The SDGs address poverty, clean water and sanitation, hunger, health, education, clean energy, sustainable cities, decent work, economic growth, responsible consumption, and more.
The VeChain Foundation is working hard to reach its goal of using blockchain to foster real-world sustainability. On the other hand, the VeChain blockchain has been popular for supply chain-related issues. Last year, the network launched an eco-friendly PoA 2.0.
While making the recent announcement, VeChain released a blog post detailing the partnership’s objective. The foundation noted its digital ecosystem’s positive effect on society while emphasizing sustainability.
Furthermore, VeChain announced a newly formed concept, ‘digital ecosystem,’ whose objective is to help achieve the SDGs by 2030. VeChain did not give more details about the digital ecosystem’s concept.
However, they promised to release the details by the end of the first quarter of 2023.
The foundation also highlighted its roadmap for the next one and a half years, focusing highly on sustainability. Some of the targeted objectives in the first half of 2023 include building a carbon footprint explorer and a carbon footprint model.
VET rallies following the announcement
The announcement by VeChain led to some notable price actions for the native token VET. At the time of reporting, The coin traded at $0.024. However, this was a 5.69% increase from its price 24 hours earlier.
Based on Coinmarketcap charts, just before the VeChain announcement, their token was trading at merely $0.0217. Soon after the announcement, this token began recording surges speedily to hit the current values. This coin has gained over 10.5% in value after the announcement.