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VeChain, a blockchain project focused on the supply chain, has announced a partnership with Alchemy Pay. The move will see the VET token be adopted in more than 2 million stores based in 70 different countries.
VET token to be used across 2 million stores
The news of the VET token being launched comes alongside the inclusion of VET among the tokens supported on the recently launched Binance Bridge 2.0. VeChain is popular for using a low-carbon and scalable blockchain architecture. Those interested in the solution will pay low transaction fees when using the service.
“Using our advanced low-carbon blockchain, transactions cost fractions of a cent & are processed in seconds from any VeChain wallet,” VeChain added. Alchemy Pay is an online and offline crypto-fiat system supported by different businesses, including exchanges and e-commerce platforms.
Alchemy Pay is committed to bridging the gap between the cryptocurrency and fiat system. The firm believes that bridging this gap will boost the adoption of cryptocurrencies worldwide.
This development will also boost the utility of the VET token, which is expected to record an increase in adoption from those interested in using cryptocurrencies to buy goods and services from different stores.
However, despite the news, the value of the VET token has not recorded any notable increase. During the past 24 hours, the VET token has declined by 5.7% to trade at $0.0495 at the time of writing, according to CoinGecko. At the time of the news, the token had attempted an uptrend from $0.051 to $0.053 but faced heavy resistance following the recession across the market.
VET is not the only token within the VeChain ecosystem. The VeChain network recently announced that it would be rewarding its community with $500,000. The reward was given as part of the celebration of the launch of the VeUSD stablecoin.
VeChain is a platform tracking supply chain processes. The protocol was launched in 2015, and it integrates physical tracking with record-keeping activities on the blockchain. The VeChain network is currently integrated into a wide range of organizations globally dealing in logistics and supply chains.
The VeChain blockchain uses a Proof of Authority (PoA) consensus. This consensus runs on 101 master nodes and functions. It verifies the reputations and identities of the validators instead of using mining and staking processes.
VeChain to be integrated on Binance Bridge 2.0
VeChain was added among the first group of tokens supported on the new Binance Bridge 2.0. The Binance Bridge 2.0 offers a new way that people can bridge tokens from the Ethereum network to be used on the BNB Chain.
Besides VET, the other tokens that can be bridged to the BNB Chain include The Sandbox (SAND), ApeCoin (APE), JasmyCoin (JASMY), Decentraland (MANA), ConstitutionDAO (PEOPLE), MovieBloc (MLB), LooksRare (LOOKS) and Dogelon Mars (ELON).
The Binance announcement said users can deposit these nine tokens “on existing supported networks and withdraw the corresponding BEP20 tokens (BTokens). These tokens can also be traded on-chain via decentralized exchanges that support the BEP20 token standard.”
The other positive development within the VeChain ecosystem is the announcement of a partnership between the network and the Blockchain Infrastructure Alliance (BIA). The latter is an organization that brings together industry experts and offers funding for research projects developed on blockchain.
The CEO of VeChain, Sunny Lu, commented on the development saying, “By working together with this group of leading blockchains we can develop understanding and mutually support each other to lift the industry as a whole.”
To learn more visit our Investing in VeChain guide.
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.