PICC Partnership Pushes VeChain (VET) Past $1 Billion Threshold for Market Cap
Strategic Partnership with People’s Insurance Company Of China Leads VeChain Across $1 Billion Threshold For Market Cap
VeChain is constantly looking to innovate and a recent partnership with the People’s Insurance Company of China (PICC) is definitely leading them there. The company has not seen an improvement in their trading volume, but the market capitalization has a different fate.The market cap started at $948 million at the beginning of the day on September 1st, but it rose to $1 billion by the end of trading for the day.
CoinMarketCap presently has VeChain ranked in at #18 in the market, even though only about 64% of the total supply is even in circulation.
The PICC has expressed, via press release, that the company’s intent is to use the support that blockchain offers, using the assistance of both VeChain and DNL GL. The use of blockchain in the insurance industry will help to maintain information on various policies and could streamline the process for claims.
As People’s Insurance Company Of China sees everything that blockchain can do, they hope to eliminate the problems that have formerly come with collecting data, verification of different information received, and auditing. By making this process a little simpler for the company and policy owners, less fees have to be assessed.
Right now, People’s Insurance Company Of China has over $126 billion in assets to protect for customers, and the use of blockchain makes the entire process safer and more fluid. Since everything will already be on the blockchain, consumers also spend less time waiting for a final decision. When speaking on this new partnership, co-founder Sunny Lu of VeChain said,
“Collaborating with PICC expands our business within the insurance industry. We are confident we will provide great service and products to PICC, together with DNV GL.”
The blockchain for VeChain is critical to their entire ecosystem, and the information available to PICC will hopefully help them reach the transformation that they have been hoping for, rather than being at a standstill. The CEO of DNV GL, George Kang, commented,
“The role DNV GL plays is to ensure data integrity from the business operation perspective. In conjunction with VeChainThor Platform, we will provide a robust digital trust platform to assist PICC with enhanced data management and efficient data processing.”