COS Fashion Label Partners With VeChain To Verify Authenticity

The COS Fashion label under the H&M Brand likely partnered with VeChain in order to verify the authenticity of the high-quality clothes. Up to this hour, there was no official statement from both companies but it seems that VeChain expands its partnerships once again as we are reading in the VeChain VET news.

VeChain already started a partnership with H&M back in 2018 which now uses the VeChain Thro blockchain to verify the authenticity and to track products. The CEO of VEchain Sunny Lu speculated that the crypto platform is working with DNV GL on a new ‘’fashion brand’’ project. The Chinese media portal ‘’Uncle Cat’’ provided some interesting insights. The COS Fashion label is a high-end clothing label under the H&M brand with more than 720 local stores around the world.

The reports also show that for COS, the authenticity of the products is extremely important because they are trying to create a better brand image. The global head of sustainable development at H&M explained how the clothing giant will use more recyclable and sustainable materials in the production of new clothes by 2030. MyStory™ is a blockchain-based tracing solution that was developed by Vechain’s partner DNV GL and will not fully document and track the production of clothes all the way to the end-user.

The trademark has already been used for tracking other high-quality products such as Wine, food, and other beverages. Blockchain-based solutions can stop product piracy around the world which results in more than $538 billion in damages. This way the transparency for consumers will also be increased. VeChain started another partnership with the Chinese natural gas giant Shanghai Gas Co, LTD.

In the meantime, the Charts for VeChain show that the VET price increased by 2.26% over the past 24 hours, landing at a price level of $0.0041. VeChain has a market capitalization of $268 million and is ranked at 32nd place on the largest cryptocurrencies list. Also, The fintech platform Crypto.com added support for Vechain VET token on the Syndicate Lite Platform. ll of the VET tokens will be sold at a 50% discount for CRO stakes only. All of the participants during the discounted sale will be able to participate depending on the amount of the CRO tokens staked.