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VeChain, a versatile enterprise-grade L1 smart contract platform, recently announced a number of plans that will contribute to the project becoming fully Europe-based. The company revealed that it intends to move its headquarters to San Marino — a mountainous microstate located in north-central Italy. Other than that, it is also opening a completely new Technology Centre in Ireland, and overall, it intends to hire over 100 developers throughout Europe.
We've also opened a new Technology Centre in Ireland, as well as a new HQ in San Marino, Europe. Soon, we'll be Europe-based, in a legal jurisdiction we are helping build alongside the SM gov.
— VeChain Foundation (@vechainofficial) October 11, 2022
VeChain is moving to San Marino and opening a new facility in Ireland
VeChain’s plan is to hire over 100 people in Europe and have them create new tools, develop new technologies, libraries, and more. Of course, new developers will work in the company’s newly arriving facilities, primarily in the previously mentioned technology center in Ireland.
One Twitter user involved with the company, going by the name of Collectingbet, shared the announcement on the platform, which VeChain supported by retweeting it. The company also said that the plan is to be legally based in San Marino and that it is currently collaborating with the San Marino government in order to create a legal jurisdiction there, where it will be able to continue building and thriving. Furthermore, being based in Europe, according to the company, will be better for the firm’s long-term plans.
Last month, VeChain reported holding $535 million in BTC, ETH, VET, and stablecoin reserves. On top of that, it continued its expansion throughout the previous 12 months through numerous partnerships, the most recent ones involving TruTrace and UCO Network.
VeChain continues to grow and perfect
Both the Ireland tech center and the new HQ are already open and hiring developers willing to collaborate with the project. Other than that, the company has not yet revealed what its future plans include or why it was necessary to relocate to San Marino in order to make them a reality.
The company did share an updated roadmap recently, for the final quarter of 2022, the entire 2023, and Q1 2024, listing a number of future changes, improvements, and new developments that will help further develop sustainable infrastructure, new technology, and sustainable ecosystem applications.
So far, the project’s community seems to be pleased with the new developments, and it has high hopes for the future of the project. It is also worth noting that VeChain’s VET saw a 0.44% price increase in the last 24 hours, currently sitting at $0.02283. This, of course, comes after a significant price drop that the project saw on Monday, October 10th, after its price attempted to breach a resistance level at $0.234.
To learn more about VeChain, visit our Investing in VeChain guide.
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Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.