Two days ago, VeChain (VEN) Foundation and Cyprus Invest signed a strategic agreement aimed at improving mass adoption for VEN. Invest Cyprus is the national investment partner of the Republic of Cyprus while VeChain (VEN) is a Singapore-based platform that focuses on developing public blockchain solutions. The partnership included a third entity, CREAM, which is a US-based legal firm that specializes in strategic advisory services for blockchain projects and investments.
Expanding blockchain technology
Following the MoU, the three companies will work together to improve the scope of blockchain technologies and their applications. For Cyprus, the partnership spells a brighter future, as VeChain and CREAM will lead the implementation and development of blockchain solutions in the country. Besides, the two partners will be key advisors to Invest Cyprus while at the same time responsible for restructuring policies that will inform the adoption of the blockchain technology as a key infrastructure in Cyprus.
Power the economy using blockchain technology
Cyprus seeks to utilize the three parties to power the country’s economy by establishing national-level investment strategies that will give way to the realization of blockchain technology. Key targeted sectors include Investment, financial services, and economic forum among others.
Michalis P. Michael, the Chairman of Invest Cyprus, commented on the partnership.
“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.”
Good things to come
According to Sunny Lu, Co-Founder and CEO of VeChain, the partnership is just the beginning of good things to come.
“Just as the blockchain technology represents something much bigger than business and money, this partnership represents the true competency for global change embedding trust, transparency, and fairness to the core of our society. Along with our partners, we are excited to showcase the true value of blockchain as supplemental technology and as an infrastructure to the world.”
Commenting on the collaboration, Jackson Fu, Co-Founder and Managing Partner of CREAM said:
“Cyprus as a nation represents a wonderful opportunity to make trust and fairness commonplace in the next digital age.” He added, “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.”
What’s in it for VeChain (VEN)?
As far as the partnership goes, VeChain (VEN) stands to gain in various ways. First, it will be the government advisor on matters blockchain and associated areas. Second, it will increase the visibility of VeChain (VEN) beyond Asia. With its presence in Cyprus, it will be easier for it to extend its tentacles to other countries.