Blockchain supply chain management and cryptocurrency company VeChain is rebranding to VeChain Thor, and has confirmed a partnership with BMW that helped land a strong market capitalization.
Reports from Friday (March 2) said Singapore-based nonprofit VeChain Thor confirmed the rebrand, as well as its partnership with BMW, after rumors surfaced earlier about the initiatives. The news boosted its market capitalization by 2.41 percent to $2.2 billion, reports said on Saturday.
According to Stock News Times, about $57.28 million of VeChain stock was traded on Friday.
VeChain Thor is a Blockchain-as-a-Service company that targets its solutions to the supply chain management space, focusing on the tracking of products for quality and authenticity management. The firm offers a variety of enterprise solutions, including its cold-chain logistics tool that enables businesses to track IoT devices and metrics as products move through the supply chain.
The firm also targets the pharmaceutical and health care industry to enable tracing of medical device production processes, while its blockchain tool can also support the automobile industry's ability to track vehicle repair history, driver behavior and other data, the company says on its website.
Earlier this year, BMW announced the acquisition of Parkmobile, a mobile parking service that helps drivers find and pay for off-street parking.