VeChain published an operations report regarding the impact of the spread of the Coronavirus on the worldwide economy and the business activities. In our VeChain VET news, we find out more about the report.
The Vechain published report shows that the board of the platform decided to suspend the VeChain 2020 summit until the pandemic is under control. The huge impact that the COVID-19 had on the traditional financial markets can be easily seen in the crypto markets as well. The VeChain foundation published a letter to inform all of its investors and the entire community about the implications of the situation. In the document, the VeChain Foundation talks about the current state in the face of the pandemic and says that despite the bad conditions, they will continue to build on the network:
‘’We have been focused on enhancing core infrastructure and delivering improvements to critical elements of our business model, including a new version of VeChain ToolChain.’’
In the VeChain VET news, we can read that the COVID-19 has brought a lot of difficulties, and one of them is stopping al meeting plants, project development, and other activities that will slow down the progress in the short term. However, VeChain reassured the community and the investors that no project was canceled due to the emergency:
‘’However, whether the current pandemic situation will cause greater and prolonged impact on the global economy is still uncertain. We will keep a close eye on the development and carefully assess any adjustments (…). We will take this chance to spend more time on internal management and resources optimization so that we are prepared for any possible global economic recession for the sake of the long term sustainable development of the VeChain ecosystem. The progress will resume at full speed once the global restrictions have been lifted. Nevertheless, the steering committee’s board decided to postpone the VeChain Summit 2020. The event will be postponed until “the pandemic is under control “.
The VeChain foundation also introduced a new iteration of the VeChain toolChain, which was introduced in 2019 to enable business owners to integrate existing processes of the company. The tool proclaims transparency, and also the companies can find innovative ways to monetize data.
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