In a tweet published today, VeChain, a market leader in enterprise Layer 1 blockchains, announced a collaboration with the Venice Sustainable Fashion Forum to promote sustainability in the fashion industry’s supply chains. The partnership will kick off with an event in Venice.
Disrupting supply chains
The focus of the conference in Venice will be the future of sustainability in the fashion supply chain and how blockchain can speed that growth with VeChain’s involvement. VeChain has been assisting clients in adopting more environmentally friendly practices by utilizing its blockchain.
In a video shared by The European House Ambrosetti, Sunny Lu, CEO of VeChain, said:
“We aim to support clients moving towards more sustainable and measurable practices.”
VeChain’s recent announcement has been well-received by the crypto community. Sarah Nabaa, an executive at VeChain, added that the fashion industry as a whole needs to be more transparent and self-aware. The CEO claimed that VeChain and its partners have the necessary resources to assist the sector in this endeavor.
Vechain Grows
Back in September, Vechain partnered with UCO Network, a blockchain protocol aimed at promoting environmentally responsible biofuel production in Europe, becoming its preferred Layer 1 blockchain.
Earlier this month, VeChain announced a big update to its proof of authority consensus mechanism. This enhancement will address the dilemma of having to choose between high throughput scalability and instant resolution.
Q2 financial results for VeChain were also published this month. As of the end of Q2, the firm has $535.2 million in crypto reserves, including $474 million in Bitcoin, Ether, and VET and $60.4 million in stablecoins.
In the meantime, Vechain’s presence in Europe has grown. The project announced its expansion into Europe earlier this month by creating two new facilities in the region. In the Q2 report, VeChain asserted this move as the reason for the jump in legal expenses as it increased legal consulting to complete its new European headquarters.
