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Blockchain-focused ecosystem VeChain (VET) has signed a Memorandum of Understanding (“MOU”) with an online luxury marketplace — Reebonz Holding Limited, the official press release states.

Alongside the new partnership, both companies want to develop a digital mark for goods that will enable the development of upstream and downstream supply chain.

The Chief Technology Officer of Reebonz, Torres Oey, says they are extremely excited to be a strategic partner of VeChain ecosystem.

"This marks an important milestone as Reebonz celebrates its 10-year anniversary in March," he added.

According to the press release, VeChain will help develop an initial Proof of Concept with Reebonz that takes advantage of distributed ledger tech functionality that is "perfectly suited for smart contracts."

Earlier, VeChain announced the launch of an integrated blockchain-as-a-service (BaaS) solution into Amazon Web Services (AWS).

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