Today, important news has been announced for 2 altcoins, one of which will be newly launched. Buffett-backed digital bank Nubank is preparing to launch its own cryptocurrency in Brazil…
Here are the top partnership news of the day
In a new announcement, VeChain shared that it has signed another partnership, this time in Europe. Leading enterprise Layer 1 Blockchain announced today that it has partnered with the Venice Sustainable Fashion Forum to drive sustainability in fashion supply chains, starting with an event in Venice.
We're excited to partner with the Venice Sustainable Fashion Forum to help drive #sustainability in fashion supply chains alongside major global brands & our key channel partner @DNV_Group.#VeChain's tech enables a fair, ethical & transparent #circulareconomy. #Blockchain $VET https://t.co/JwpoYvJWml
— VeChain Foundation (@vechainofficial) October 19, 2022
The focus of the event in Venice will be how VeChain will develop its fashion supply chain. VeChain offers a blockchain that specifically supports customers who want to move to more durable applications.
Altcoin price rallied after the news
VET, the native token of VeChain, rose from the $0.22 region after the announcement. It gained about 2% from this region, bringing its last 24-hour gain to the green.
Let’s just say that VeChain continues to expand its physical presence in Europe. The foundation announced that it has opened up to Europe by establishing two new facilities in the region. Along a similar route, a new altcoin backed by Nubank will appear in Brazil.
Nubank introduced a new cryptocurrency called Nucoin
The Brazilian digital banking startup said it will launch a token called Nucoin in the first half of 2023. In a press release, the company touted Nucoin as “a new way to recognize customer loyalty and foster engagement with Nubank products.” Nubank said it plans to offer discounts and other benefits to token holders.
Nubank says it will invite 2,000 customers to a forum group that will guide the development of Nucoin. The bank also plans to turn to different Blockchain technologies:
At this stage, the proposal, rather than feedback, is to explore the process of creating a decentralized product that is characteristic of Web3.
By the way, the Polygon network was chosen for the new cryptocurrency. Polygon says its platform can support thousands of transactions per second.
Nubank is not the first bank to introduce a new altcoin
Similarly, JPMorgan has launched its own token, JPMCoin, which is a stablecoin to the US dollar. Unlike this cryptocurrency, Nucoin’s price fluctuates based on supply and demand, similar to cryptocurrencies like Bitcoin.
Nucoin’s ICO phase comes against a bleak backdrop for the market. The market is currently in deep recession. Investors refer to it as the “crypto winter” as many cryptocurrencies, including Bitcoin, have lost more than half of their value since the beginning of 2022.
