VeChain (VET) Becomes The First Crypto To Adopt Oceanex Institution Grade Custody Solution - Today's Gazette - Cryptocurrency, Bitcoin News
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VeChain (VET) Becomes The First Crypto To Adopt Oceanex Institution Grade Custody Solution

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VeChain (VET) Becomes The First Crypto To Adopt Oceanex Institution Grade Custody Solution

VeChain (VET) has become established within the blockchain industry as a reputable supply chain focused blockchain platform.

The blockchain has created immutable tracking solutions for several companies in the manufacturing industry as well as other sectors.

VeChain has been able to provide different blockchain solutions to different sectors from the My Story solution which has been adopted by three of the biggest wine producers in Italy to BrightCode Solution which was developed for the second largest food company in China.

The continuous quest to remain at the apex of supply chain focused blockchain technology has seen VeChain adopt several policies aimed at placing it ahead of its competition.

VeChain (VET) Adopts Oceanex Custodian System Service On Its Blockchain Network

VeChain revealed on Wednesday that it had introduced a digital assets custodian service to its blockchain network. The announcement made on its official Twitter page would see the blockchain adopt the institution-grade custody solution from OceanEx to its platform

According to VeChain, this new development would see the platform adopt a more secure digital assets environment that would benefit institution members. OceanEx in a blog post on Medium further highlighted the benefits of this partnership.

Also READ  VeChain Partners Chinese-Based Hospital With 2.1MM Emergency Cases on Digital Carbon Ecosystem

The Custodial system combines both warm and cold storage architecture to secure digital assets within the blockchain platform.

Some Of The Features That The Custodian System Would Implement Includes.

  • AI-equipped risk management system
  • Robust cold storage auditing and reporting system
  • On-chain segregation of digital assets
  • Integration of VeChain’s VeKey and HSM based digital asset management turnkey solutions

OceanEx is a digital exchange which has been in partnership with VeChain since the start of the year. The digital exchange is known for its secure environment that allows for easy accessibility of digital assets investments across the globe.

Although VeChain has been able to sell its solution to a number of top automobile companies in the world like BMW and Renault, but here comes another opportunity in making the industry feel the effect of blockchain potency in ensuring accountability, transparency.

By adopting this Custodian service VeChain ecosystem would benefit as this would increase the scalability of digital assets on its platform for institutional users.

Also READ  New Use Case Makes Binance (BNB) Easy For Loan Collateral

VeChain (VET) Price

VeChain (VET) is the 27th largest coin based on market cap.

  • A total of 55,454,734,800 VET coins are in current circulation.
  • The current market cap as on 7th June 16.05 UTC stands at  $19,412,458 USD.
  • The value of each VET coin in terms of USD and BTC stands at $0.007667 USD and 0.00000096 BTC respectively.
  • The current 24h volume at the same UTC stands at $19,412,458 USD.

Writer, editor and digital space observer with 5 years experience in the blockchain industry. Mail him at adeniji.olowo@todaysgazette.com.

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