Velveeta is the brand name of a processed cheese product

Processed cheese

Processed cheese, process cheese, cheese slice, prepared cheese, cheese singles or cheese food is a food product made from normal cheese and sometimes other unfermented dairy ingredients, plus emulsifiers, extra salt, food colorings, or whey...

 having a taste that is identified as a type of American cheese

American cheese

American cheese is a processed cheese. It is orange, yellow, or white in color and mild in flavor, with a medium-firm consistency, and melts easily. American cheese was originally only white, but is usually now modified to yellow. In the past it was made from a blend of cheeses, most often Colby...

 with a texture that is softer and smoother. It was first made in 1918 by Swiss immigrant Emil Frey of the Monroe Cheese Company in Monroe, New York

Monroe (town), New York

Monroe is a town in Orange County, New York, United States. The population was 31,407 at the 2000 census. The town is named after President James Monroe....

. In 1923, The Velveeta Cheese Company was incorporated as a separate company, and was sold to Kraft Foods

Kraft Foods

Kraft Foods Inc. is an American confectionery, food and beverage conglomerate. It markets many brands in more than 170 countries. 12 of its brands annually earn more than $1 billion worldwide: Cadbury, Jacobs, Kraft, LU, Maxwell House, Milka, Nabisco, Oscar Mayer, Philadelphia, Trident, Tang...

 in 1927. The product was advertised for its nutrition.
According to Kraft's website, in the 1930s, Velveeta became the first cheese product to gain the American Medical Association

American Medical Association

The American Medical Association , founded in 1847 and incorporated in 1897, is the largest association of medical doctors and medical students in the United States.-Scope and operations:...

's seal of approval.