VeChain CEO Denies Acquiring Any Interest in Ambrosus GmbH

There have been rumors floating around that VeChain has bought Ambrosus and the business will be rebranded as VeChain GmbH. According to a publication on the Swiss Official Gazette of Commerce (SHAB), it states,

“Ambrosus Technologies GmbH, Zug, CHE-422.231.745, Limited Liability Company (SHAB No. 156 of 15.08.2018, Publ. 4416297). Amendments to the Articles of Association: 04.03.2019. New company: VeChain GmbH. New Company Translations: (VeChain SARL) (VeChain LLC).”

Rumors Put to Rest

VeChain CEO, Sunny Lu, took to Twitter to clarify VeChain’s stance on this rumor and released an official statement,

“VeChain has not considered acquiring Ambrosus GmbH and is not acquiring any interest in Ambrosus GmbH.”

He further shared that Vechain will enforce its right to “stop and prevent” the misuse of its VeChain trademark that is one hundred percent owned by Shanghai Weilian Information Technology Co. Ltd, a subsidiary of VeChain.

“This would be last message on this topic: “No one from VeChain team globally including myself ever knew or meet or discuss anything with Ambrosus. I found out the “name changing” through the noise in community. If deceitful should be asked, ask why change name to someone else’s,”

Lu said.

Amrbosus is a blockchain-powered IoT network that enables frictionless and secure dialogue between sensors, database, and distributed ledgers to ensure quality and supply chain visibility. The company also clarified that Ambrosus is “not sold” out to anyone, VeChain in particular.

“A company related to a team member of Ambrosius has recently changed its name to Vechain,”

stated Angel Versetti, the co-founder and CEO of Ambrosus in a Reddit post.

He further stated that the company is exploring its “own agenda” that he has no knowledge of and is not actually related to Ambrosus itself.

VeChain Collaborates With Consumer Electronics Giant

Meanwhile, Singapore-based blockchain platform VeChain has been partnering up with a number of companies that will further fuel its growth.

VeChain recently joined hands with Chinese consumer electronics giant Haier and DNV GL, a risk management company to improve the transparency of the supply chain. In collaboration with Haier, the largest home appliance manufacturer that generates an estimated $40 billion in revenue, VeChain will prevent fraud and track carbon footprints while allowing the users to receive the information on productions, and verify them.

This partnership is for Haier’s COSMOPlat, a newly launched Internet of Clothing (IoC) platform. It basically aims to open the channels of information flow between stores, consumers, factories, and farmlands to build a seamless network.

Additionally, the project will further expand the blockchain adoption beyond just clothing to laundry, dyeing, printing, and textile.

At the time of writing, VeChain (VET) has been trading at $0.0073 with 24-hours gains of 0.11 percent.

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