VeChain (VET) price hits new all-time-high following announcements
Breyer Capital is providing advisory support.
VeChain (VET) has rebounded strongly from last week's cryptocurrency market slump, roughly doubling in price from last week's low of about US$4 to a new all-time-high of US$8.50, according to CoinMarketCap. The rise comes following a series of partnership announcements from VeChain.
Last week it revealed a partnership with Fanghuwang to help push its upcoming VeChain Thor incarnation, and make a shift from its initial core focus of supply chain management towards financial services. The momentum continued this week with VeChain's announcement of advisory support from Breyer Capital.
"Breyer Capital has agreed to support VeChain through an official advisory role," said founder Jim Breyer. "I am most interested in VeChain’s top-percentile crypto team. Additionally, I’ve found VeChain’s enterprise partnerships and deep relationships with PwC and DNV GL to be compelling. I’m here to learn with and support VeChain as they press on towards their main net release and continue to develop valuable partnerships. I look forward to working with a coalition of top-tier individuals within the VeChain ecosystem."
VeChain is also making headlines by creating the first accredited cryptocurrency disaster recovery plan, approved by and developed with the help of PwC.
The VeChain disaster recovery plan
The VeChain team spent a few hours over the weekend drilling its disaster recovery plan, and putting it through its paces. The scenarios tested included:
- Low risk adverse events: Loss of passwords of logon details, detection of viruses of malware in the network, hacking attempts or system crashes on devices storing digital wallets.
- Medium risk security events: Unauthorised access on the network, digital wallets being affected by viruses or malware, loss of key transaction passwords, hardware damage to important file storage devices.
- High risk private key compromise: The VeChain private key or keystore file is compromised, and all assets are immediately moved to a new secure location.
"The CDRP drill was a great success. We believe that as more enterprises leverage the blockchain technology and invest in crypto assets, it is imperative to set up the best practices," said a VeChain statement.
VeChain has previously shown robustness in the face of bear markets, growing even as the rest of the market dips.