VeChain Is Ready For Breakout With New Alchemy Pay Partnership

April 29, 2022 10:38 pm Comments

VeChain, the most popular project for the supply chain industry, just announced that it will be partnering with the crypto payment services company Alchemy Pay.

Via this partnership, VeChain will be available as a payment option in over 2 million different stores across 70 countries worldwide.

The move is expected to boost the adoption of the use of the VET token and bring awareness to the fact that VeChain’s network is able to provide fast transactions at fractions of a cent.

Additionally, this good news also came out at the same time as the revelation of VET now being supported on the newly launched Binance Bridge 2.0.

CoinTelegraph reports:

VeChain was included in the first group of tokens to be supported on the new Binance Bridge 2.0, providing a new way to bridge tokens from Ethereum to be used on the BNB Chain โ€” formerly known as the Binance Smart Chain.

The other bridged tokens include The Sandbox (SAND), ApeCoin (APE), JasmyCoin (JASMY), Decentraland (MANA), ConstitutionDAO (PEOPLE), MovieBloc (MBL) and LooksRare (LOOKS).

And if that wasnโ€™t enough, VeChain also announced on Thursday that it has joined the Blockchain Infrastructure Alliance (BIA).

This organization links together industry experts and provides funding for blockchain-related research projects.

Sunny Lu, CEO of VeChain, spoke warmly about the new affiliation with the BIA.

โ€œBy working together with this group of leading blockchains we can develop understanding and mutually support each other to lift the industry as a whole.โ€

VeChain is primarily known as one of the major blockchain projects that targeted the supply chain industry and is considered one of the older projects as it had launched back in 2015.

The project currently has a long list of partners that it works with that utilize its network for logistics and tracking solutions.

VeChain is also less energy intensive as it utilizes a proof of authority mechanism instead of the typical proof of work mechanism that consumes a lot of energy.

To give some context of Alchemy Pay, it helps bridge the gap between crypto and fiat for a variety of different businesses.

As a result, the partnership is mutually beneficial as VET is now exposure to a massive audience and Alchemy Pay gets exposure to VET holders.

TheCryptoBasic reports:

Notably, the development will increase the utility of VET, which will record massive adoptions from people interested in using cryptocurrency to purchase items from the supported stores.

Meanwhile, the news that VET can now be used to purchase goods across over two million stores did not have much impact on the price of the digital currency.

The token only recorded a slight gain from a low of $0.051 to $0.053. At the time of writing, the coin is down 0.4 % and changing hands at around $0.051, which is mainly due to the dip of Bitcoin price.

Meanwhile, VeChain recently announced that it would be gifting $500,000 to its community in celebration of the launch of its stablecoin, VeUSD.

It may take time for these partnerships to truly come to fruition, but early investors will stand to benefit the most in the long run.

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