The VeChain Foundation announced a collaboration with the UN to use the VeChain blockchain to support the achievement of the UN SDGs by 2030. VeChain’s native token, VET, rallied following the announcement.
VeChain UN Association
In a tweet posted on January 25, VeChain announced a partnership with the UN focused on improving global sustainability. He cheep saying;
This newly forged alliance means that VeChain will be the chain of reference for achieving the UN SDGs.
The SDGs are a set of UN goals to address different environmental conservation 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 achieve its goal of using blockchain to foster sustainability in the real world. On the other hand, the VeChain blockchain has been popular for supply chain related issues. Last year, the network launched a green PoA 2.0.
While making the recent announcement, VeChain published a blog post detailing the objective of the association. The foundation highlighted the positive effect of its digital ecosystem on society and emphasized sustainability.
In addition, VeChain announced a newly formed concept, ‘digital ecosystem’, which aims to help achieve the SDGs by 2030. VeChain did not elaborate further on the digital ecosystem concept.
However, they promised to release the details by the end of the first quarter of 2023.
The foundation also outlined its roadmap for the next year and a half, with a strong focus on sustainability. Some of the planned goals in the first half of 2023 include the construction of a carbon footprint explorer and a carbon footprint model.
VET rallies after the announcement
The VeChain announcement led to some notable price actions for the native VET token. At reporting time, the coin was trading at $0.024. However, this was a 5.69% increase from its price 24 hours earlier.
According to Coinmarketcap charts, just before the VeChain announcement, its token was trading at just $0.0217. Shortly after the announcement, this token started recording rapid increases to reach current values. This coin has gained more than 10.5% in value after the announcement.
