These days it seems that digital currencies are becoming a lit bland, even with the plethora of blockchain dynamics out there. This has created a new trend among the current crop of digital currencies currently trading against more established cryptocurrencies like Bitcoin. The trend is essentially rebranding, the altering, modification and the repositioning of a digital coin in order to ramp up interest and bring more traders to the trading table.
The latest coin to actually undergo a rebrand is VEN, a digital currency founded in 2015. The developers behind the coin recently streamed a 38-minute long video on YouTube to bring the world up close and personal with its newly rebranded digital currency. The rebrand means VEN is now known among traders as VeChain THOR. But more than that, the launch unveiled a new partnership with BMW, the popular car maker of luxury vehicles. BMW’s partnership with VEN is a very big step for the digital currency and signals a sort of niche approach to how its developers have chosen to deploy blockchain.
The underlying technology for VEN seems to have been developed with the high end of business in mind. The strong mix of industries served by VEN has attracted a lot of coverage in and of itself. The digital currency, through its scalable technology, serves industries as diverse as liquor, retail, logistics, and of course luxury goods.
VEN is also establishing partnerships with universities and at the time of recently held launch, confirmed collaboration with the University of Oxford in the United Kingdom. And in recent days VEN has been using Twitter to drum up attendance at several events being staged at universities across the world. VEN is also a big part of South Korean digital currency exchange called Coinnest. Understanding the implications of VEN’s trajectory, Coinnest has added the digital currency to its list of approved cryptocurrencies for trading.
But with all of this there is one important fact that investors and traders in digital coins would do well to understand. VEN already has some share of mind as is evidenced by its trading price. Unlike many digital currencies that are on the exchanges, VEN is trading well above $1. In fact, VEN at the close of trading on Friday was priced at $4.54. Put another way, VEN is no ordinary run of the mill digital coin and many are projecting exciting things for the digital currency in 2018. Currently VEN has a market cap of $2.157B and enjoys over $65M in 24h volume.