- VeChain teams up with the Crypto Carbon Ratings Institute (CCRI) to meet EU sustainability regulations.
- The collaboration aims to meet the upcoming European MiCA (Markets in Crypto-Assets) regulations.
- Despite the partnership, VET has seen a 6.12% price decline in the last 24 hours.
- VeChain sees increased contract activity, indicating growth and robust engagement.
VeChain announced a major partnership with the Crypto Carbon Ratings Institute (CCRI), a leading European entity focused on increasing transparency about the environmental footprint in the cryptocurrency industry. In this cooperation, VeChain would prepare itself for the upcoming European regulations with a focus on sustainability.
The MiCA regulations will become the cornerstone of EU crypto legislation. Designed to integrate digital assets and blockchain technologies seamlessly into European economies and everyday life, MiCA focuses on sustainability metrics.
Thus, VeChain’s collaboration with CCRI is a step forward in meeting these regulatory requirements by making the current state of blockchain technology meet the EU standards for environmental protection.
VeChain, known for its commitment to real-world blockchain adoption, is leveraging this alliance to solidify its position as a leading player in integrating blockchain technology with traditional industries.
Collaboration with CCRI will grant VeChain the chance to establish a firm regulatory framework that could act as a guidepost in terms of mass acceptance and mainstream integration for cryptocurrency and distributed ledger technology (DLT).
VeChain (VET) Surges in Activity Despite Recent Price Decline
Despite these promising developments, the market response to VET has been somewhat subdued. VET is trading at $0.024762 as of today, with $59.85 million in 24-hour trading volume and a market capitalization of $1.80 billion. The token has fallen 6.12% in value over the past 24 hours, mirroring the volatility across the broader market.
As the cryptocurrency market has been trending bearish lately, the steep fall of Bitcoin (BTC) logically sends ripples on other cryptocurrencies as well. VET dropped by nearly 14% within the last week. If we consider a more extended timeframe, though, VET falls only by 1.29%, in the last 30 days.
Despite this setback, there’s plenty of excitement circulating around VET’s performance. Activity on the platform is surging at the moment, with active contracts stretching to never-before-seen heights. Much of this comes as a result of a higher transaction count, which spells healthy engagement and growth for the platform ecosystem.
The increase in active contracts marks VeChain’s growing involvement in the execution of EVM operations on its network, an excellent indicator of a maturing infrastructure and adoption. The more it keeps on building and integrating into its contracts, the position it shall make for itself in the crypto market.
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