Norway-based registrar organization DNV GL has invested in blockchain startup VeChain as part of an expansion of an existing working relationship.
While the companies did not reveal the amount of the investment, VeChain CEO Sunny Lu told CoinDesk that the companies would continue their partnership, which uses VeChain's network to securely store supply chain management data. The move marks one of the first enterprise investments in the VeChain network, he added.
Furthermore, DNV plans to become the first VeChain Authority Masternode holder, meaning it will have control over 101 Authority Masternodes on the startup's public VeChainThor network.
Luca Crisciotti, chief executive of DNV, told CoinDesk that the investment is one of several aimed at improving its existing processes - in this case, using VeChain's network to become more efficient, he said.
Additionally, the two firms will build a supply chain product for DNV clients using VeChain technology.
"We are able to provide with VeChain a solution that balances safety and [speed]," Crisciotti explained, adding:
"Our mission is the ability to make sure that product is reaching the shelves, that it's ultimately reaching the consumer ... What we are providing to our customers is commitment."
DNV's original agreement with VeChain was aimed at helping it more efficiently track food, beverage, fashion and retail products, as previously reported by CoinDesk.
Crisciotti cited VeChain's speed as a reason for picking the startup, explaining: "We needed a quick blockchain. With VeChain, we can do that."
The news marks DNV's latest move in the blockchain space. Crisciotti told CoinDesk that one pilot was undertaken last year thus far involved the registrar issuing certificates on its private blockchain.
Shipping image via Shutterstock
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Supply ChainDNV GLVeChain
Coinbase Adds First Ethereum Token to Professional Trading Platform
Crypto exchange startup Coinbase is adding the 0x protocol token to its professional trading platform, Coinbase Pro.
Announced Thursday, the exchange said in a blog post that it had begun accepting
SpankChain Says Hacker Returned Stolen Crypto Funds
A hacker who stole 165.38 ETH from the SpankChain platform has returned the funds.
The payment platform focused on the adult industry announced Thursday that the hacker, who stole the funds from th
Korea's Largest Bitcoin Exchange Sells Stake in $350 Million Deal
Bithumb, currently the largest cryptocurrency exchange in South Korea by trading volume, just confirmed it has sold more than 38 percent of its total ownership to a blockchain consortium based in Sing
Nevada's Utilities Agency Eyes Blockchain for Energy Credit System
The Public Utilities Commission of Nevada, a government agency charged with supervising and regulating power utility services in the state, is looking to implement blockchain for its energy credit tra
Fake News Site Used New Zealand Prime Minister to Pump Bitcoin Startup
A fake news site has used the likeness of New Zealand Prime Minister Jacinda Ardern to promote articles on Facebook aimed to pump a crypto startup.
Local media source Stuff reported Friday that sev
FinCEN Blasts Iran's 'Malign' Use of Crypto to Bypass Economic Sanctions
A U.S. regulator is urging domestic exchanges to help prevent the Iranian regime from using cryptocurrency to bypass economic sanctions.
The Financial Crimes Enforcement Network (FinCEN) published
3 Bitcoin Price Factors That Suggest Bears Are in Charge
The prospect of a deeper drop in bitcoin prices has increased, price-volume analysis indicates.
The world's most valuable cryptocurrency, which had been trading sideways since September 22, fell sh
Leading Auction House Christie's to Record Art Sales on a Blockchain
London-based Christie's, one of the oldest and most noted art auction houses in the world, is turning to blockchain tech to securely store sales and provenance data.
The firm, which has a history g