Leading enterprise-friendly blockchain project VeChain has announced that it has bagged a prestigious award from the Shanghai government.
VeChain took to its Twitter handle to announce that the Shanghai government has awarded the blockchain project the status of ‘High and New Technology Enterprise (HNTE).
“Three bodies of the Shanghai gov jointly awarded #VeChain the status of ‘High and New Technology Enterprise (HNTE),” VeChain tweeted today.
Three bodies of the Shanghai gov jointly awarded #VeChain the status of 'High and New Technology Enterprise (HNTE)'!
The high-profile recognition acknowledges our technical excellence, advanced tech & grants special tax status, allowing us to dedicate more resources to building! pic.twitter.com/dCexslrNcI
— VeChain Foundation (@vechainofficial) February 21, 2022
Commenting on the recent accolades it received, VeChain stated that the feat comes as a form of recognition for its technical excellence and advanced technology.
Furthermore, the prestigious award from the Shanghai government will also grant VeChain a special tax status, thus allowing the company to dedicate more resources toward building significant projects.
This is not the first time VeChain will be bagging an award of excellence from the Chinese government.
In 2020, VeChain was declared the winner of China’s Innovative Green Energy award.
VeChain’s Expansion and Adoption
The development comes a month after VeChain announced the opening of a new European headquarters to further offer its services to its growing clients.
VeChain’s efficient blockchain project has resulted in a number of partnerships between the company and top brands, as well as government organizations.
The company’s technology is mostly adopted to trace various goods using blockchain tech.
Earlier this month, VeChain announced that it was commissioned to build a government traceability platform to facilitate the easy tracking of agricultural products like rice and millet, in China and Mongolia.
As reported last year, VeChain partnered with China’s promising olive oil producer, the Olive Times, in a deal that requires the blockchain company to use its Blockchain-as-a-Service (BaaS) platform to track the distribution of olive oil to Chinese customers.
In another development, VeChain announced that its first-ever stablecoin, dubbed VeUSD, will soon go live on the VeChain mainnet, which will usher in a new phase of VeChainThor, the public blockchain of the network.
Meanwhile, VeChain collaborated with payment firm Simplex to enable its enthusiasts to buy the VET cryptocurrency using their Visa and Mastercard.
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