It’s official – blockchain-based supply chain enhancement platform VeChain (now VeChain Thor) has entered into a partnership with the German car manufacturing giant BMW. Today, at an event, VeChain CEO Sunny Lu confirmed the partnership.

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Rumors of the partnership between VeChain and BMW had been circulating in the cryptocurrency market for a while now, but as none of the firms announced anything officially, many had taken it to be just another rumor.

However, BMW is not the first car manufacturing company to partner with a blockchain firm. Recently, German mammoth Volkswagen partnered with the Berlin-based blockchain firm IOTA, to utilize the latter’s massive data pool. The increasing demand for implementing Internet-of-Things is forcing established firms to gain access to vast data pools, and these blockchain firms are tapping into that area using the efficiency of decentralized ledger technology.

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Moreover, VeChain rebranded itself to VeChain Thor, a marketing stunt which has proven successful for many projects. Recently, Raiblocks rebranded itself to NANO which resulted in a massive surge in its token prices.

VeChain Thor has also announced a collaboration with Oxford University. This university will, as part of VeResearch, help with the technological development of the VeChain Thor platform.

Meanwhile, yesterday, South Korean cryptocurrency exchange Coinnest listed VeChain Thor tokens. It is the first exchange to offer a direct fiat VET pair. The enthusiasm of the South Korean cryptocurrency market made it an attractive target for the VeChian Thor team.

We are excited to announce that on February 25th you will be able to deposit VET tokens on Coinnest in preparation for its trading on February 26th. This will be the first VET to KRW pairing and a continuation to expand into the Korean market. #VeChainThorhttps://t.co/j2EHY5laGg — VeChain Foundation (@vechainofficial) February 23, 2018

On the exchanges, VeChain Thor tokens have performed very well – since December, the token has gone up from $0.24 to its current value of $5.59, marking a gain of 2230%. The coin touched its apex in late January, as each token was valued at $9.37.