Blockchain startup VeChain gets investment from Norway-based organization Global Consultant
DNV GL, Norway-based registrar organization partnered with blockchain startup VeChain as a part of expanding an existing working relationship.
The companies denied exposing the investment amount, VeChain CEO Sunny Lu informed sources that the companies would continue their partnership. The company utilizes VeChain’s network to store supply chain management data securely. The initiative is the first ever investments in VeChain network, he said.
Also, DNV aims o become the firm Vechain Authority Master node holder. This will have control over 101 Authority Masternodes on the startup’s public VeChainThor network. The two firms aim to build a supply chain product for DNV clients with VeChain technology.
Luca Crisciotti, chief executive of DNV, told sources that the investment is one of numerous targeted progressing its current processes.
“We are able to provide with VeChain a solution that balances safety and [speed]. Our mission is the ability to make sure that product is reaching the shelves, that it’s ultimately reaching the consumer … What we are providing to our customers is a commitment,” Crisciotti explained.
Both the company’s original agreement was targeted at aiding it to track food, beverage, fashion and retail products, more efficiently and securely.
Crisciotti cited VeChain’s speed as the main reason for choosing the startup. “We needed a quick blockchain. With VeChain, we can do that.” He said.
The initiative lands as the latest addition to the blockchain space. The news marks DNV’s latest move in the blockchain space. Crisciotti told sources that one pilot was undertaken last year thus far involved the registrar issuing certificates on its private blockchain.
Image source: DNV