VeChain postpones summit due to coronavirus pandemic

Coronavirus has literally affected everything in the world – from stocks to cryptocurrencies. There has not been a single sector in the world, where Covid-19 did not leave its trail. 

VeChain delays its plans

The VeChain Foundation posted an open letter stating that the deadlines for holding the VeChain summit were postponed indefinitely. The reason for the cancellation of the event was the coronavirus pandemic, which is rapidly spreading throughout the world. 

As stated in the document, the safety and preservation of the health of participants is the main prerogative of the company; therefore, the Board of the VeChain decided to postpone the summit.

However, the organization will continue to work on the global digitalization of society. The letter, in particular, states that VeChain is building a future in which digitization, efficiency, public safety and environmental issues are central to economic development. The organization also believes that blockchain, 5G, IoT, AI and other advanced technologies will become fundamental tools, and VeChain aims to create a public blockchain.

Blockchain and Bitcoin, in general, benefited a lot of people in the world. The most obvious example we can provide here is the gambling industry. While people still use traditional payment methods, online casinos start to adopt Bitcoin and other cryptocurrencies as an alternative way of payment. They allow people to deposit money via cryptocurrency to play real money casino online. It is considered to be a more safe, rapid and anonymous way of playing and not only gambling industries. Vechain was always considered to be the go-to crypto for casinos worldwide. It offered unique services, one of the rarest seen in the world regarding crypto.

While online casinos have been the primary source of Bitcoin payments, other fields of business are gradually switching to cryptocurrency payment as well.

What did the Foundation declare additionally?

The Foundation’s management also said that despite the restrictions on movement imposed by the government of many countries to prevent the spread of coronavirus, VeChain would continue to work with its main clients. Not a single project of the Foundation will be closed in the near future. Consultations with clients will continue remotely until the situation with the spread of coronavirus improves.

During the quarantine period, the organization will focus on developing software to accelerate digital conversion. For example, the VeChain ToolChain program will be finalized, which allows businesses to integrate public VeChainThor blockchains into existing business processes quickly. This will provide an opportunity to oversee supply chains, making the process transparent and understandable for both consumers and manufacturers.

Coronavirus vs blockchain

The outbreak of the coronavirus pandemic dealt a powerful blow not only to the stock, commodity and foreign exchange markets but also to the blockchain and cryptocurrency markets as a whole. One by one thematic events dedicated to discussing the development prospects of cryptocurrencies and blockchain, DeFi and other technologies have been cancelled. The cancellation of summits and conferences will actually weaken the interest in the coin and may lead to a further rollback of value.

The cryptocurrency market is experiencing an epidemic of coronavirus. And if some experts are inclined to believe that the crisis is a time of opportunities for buying cheap Bitcoin or Ether, then another part of the experts are sure that you should not wait for the market to recover in conditions of total quarantine and isolation.