Partnerships in the cryptocurrency industry have been the easiest way to push for adoption. Strategic partnerships allow cryptocurrency projects to integrate the blockchain technology in other industries around the world. Besides, the success of the cryptocurrency industry depends on the influence the blockchain will have on real-world issues and businesses.
VeChain (VET) is delighted to announced a signed Memorandum of Understanding (MoU) with CREAM. While VeChain is a blockchain company registered in Singapore, CREAM is a legal entity with United States registration. Both companies have their focus on the development of the blockchain technology, however, CREAM mainly deals with strategic advisory and investments. According to Yahoo Finance:
“The essence of this MoU is to establish a framework for the basis of cooperation in the field of blockchain technologies and related use cases. This collaboration signifies the change in the direction to a prosperous Cyprus in the next digital age.”
This collaboration will see both VeChain and CREAM contribute towards the development of blockchain solutions in Cyprus. The two entities will use their expertise in the blockchain field to advance policy reforms in the country. At the same time, they will invest both money and time to spearhead the growth of the blockchain technology alongside the underlying infrastructure in support of various financial services.
In addition to that, VeChain and CREAM operation in Cyprus will support the development of national investment in relation to the blockchain technology. The main idea is to use the power of the technology to support the economy of Cyprus. Financial services are the world are constantly being revolutionized by the implementation of blockchain. This new collaboration is focused towards the realization real-life uses of the blockchain in financial sectors and the related fields of investment. The government of Cyprus is also committed to the inclusion of the technology in various systems. Policies have been put in place ensure that Cyprus is in line with the blockchain era and its numerous advantages.
The scope of the partnership has been left open to allow for the change of course according to the financial needs in the country. However, the collaboration will take special interest in reforming the sector as well as the compliance of AML and KYC. European laws will also be taken into account regulations and other practices that add value vale to the economy of Cyprus.
“The plans unfolding in Cyprus should open the world to what is achievable by investing in new technologies. Invest Cyprus as a promoter of Cyprus Investment opportunities and advisor to the Government of Cyprus in the investments space, sees this technology as both transformational and fiscally restorative at the infrastructure level. We are investing in the development of the fintech, blockchain sector and we plan to be at the forefront so that we can facilitate investments and economic development in Cyprus and the region,” the chairman of Invest Cyprus, Michalis P. Michael said in regards to the partnership.
Another important comment by the co-founder and the current managing partner of CREAM, Jackson Flu reads:
“Cyprus as a nation represents a wonderful opportunity to make trust and fairness commonplace in the next digital age. As the first nation to fully support the development of the blockchain technology, along with our partners, we will assist the nation to attract projects and talents from around the world increasing the vivaciousness of development building an ecosystem out of blockchain technology. In turn, we will help blockchain related projects to find a home where they will be supported and protected by the law to create, develop and thrive.”
VeChain (VET) is trading at $0.0109 following a 0.16% decline in the last 24 hours. It has a market capitalization of $605 million with a 24-hour trading volume of $11 million. It is currently, the 20th largest crypto according to the data on CoinMarketCap.