VeChain is building an enterprise NFT and DeFi ecosystem. Wootrade will be ready to support it with Wootrade’s powerful mix of centralized and decentralized liquidity solutions.
On April 27th, the VeChain Foundation announced on Medium its plans to create the next game-changer in blockchain mass adoption: the enterprise NFTs ecosystem. An eNFT is a type of non-fungible token that VeChain’s long list of enterprise clients can attach via VeChain’s first-party IoT hardware to products being sold to consumers all over the world. This includes luxury brands, fashion items, and any other product that can cross over to the digital world. The eNFT is not simply a collectible but has other functionality, including traceability and anti-counterfeiting properties, two characteristics that have become synonymous in the blockchain industry with the VeChain brand.
As part of this announcement, VeChain reached out to projects which can build the infrastructure needed to power a rich DeFi ecosystem. Wootrade is a leading liquidity provider in the digital asset space, and as such is uniquely positioned to support VeChain in this initiative. Wootrade’s differentiating factors are its ability to provide assets at the lowest prices, giving exchanges, marketplaces, wallets, bridges, and other dApps the best price execution on trading-related activities. Wootrade then links on-chain capital with its off-chain liquidity network via pricing delivered from institutional market-making strategies directly to the blockchain.
Wootrade will support VeChain on:
- Bridging VET and other VeChain-native assets cross-chain
- Offering pricing and liquidity for decentralized apps
- Providing liquidity support on VeChain-based stablecoins
- Assisting in driving adoption to the VeChain ecosystem via partners and community activities
Wootrade’s network is backed by a team with over 50 years of combined trading experience, at institutional firms including Deutsche Bank, BNP Paribas, Citadel, and Allston Trading. They connect 20+ institutions on their B2B network, including their first-party exchange WOO X. VeChain’s native VET token will be added to this network, allowing traders and institutions to benefit from zero-fee trading with the deepest liquidity. As part of this agreement, the two projects will work together to enhance their respective communities and support mutual growth.
“We are eager to support VeChain, as one of the leading enterprise blockchain service providers, in shaping a robust asset ecosystem on the VeChainThor blockchain. We believe we have a lot of value to bring to the VeChain ecosystem and are looking forward to the challenge of being an early builder,” said Ran Yi, COO of Wootrade.
About VeChain Foundation
Launched in 2015, the VeChain Foundation has worked tirelessly to build the bridges between blockchain technology and the real world. VeChainThor’s evolution continues to gather pace, transitioning from consortium network to best-in-class public blockchain platform using Proof of Authority consensus, boasting advanced technical features, governance structure and economic model.
VeChainThor has already been applied across a diverse array of use cases, aiding the daily operations of corporations and creating new value and efficiencies. Alongside key strategic partners PwC and DNV, VeChain has collaborated with world-leading enterprises including Walmart China, Bayer China, BMW Group, BYD Auto, PICC, Shanghai Gas, LVMH, D.I.G, ASI Group, and more. For more information, including developer tools/documents and foundation grants, please visit: www.vechain.org
The Wootrade Network combines global liquidity and top market-makers to provide ultimate liquidity for exchanges, wallets, DeFi platforms, and large traders. Wootrade was founded by Kronos Research, one of the top market makers and quantitative trading firms in the world, which process more than $5 billion in trading volume per day. Wootrade is building a diverse product set that touches both CeFi and DeFi verticals, including first-party trading platform WOO X, pricing oracles, investment products, social trading, and other functionality that will augment use cases for the WOO token.