VeChain, the supply chain blockchain project, has announced a new partnership with crypto payment services Alchemy Pay that will allow people to use its VET token as payment in over two million stores throughout 70 different countries.
It has been reported that the news came alongside its inclusion as a supported token on the recently launched Binance Bridge 2.0. 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 — formerly known as the Binance Smart Chain.
However, the other bridged tokens include The Sandbox (SAND), ApeCoin (APE), JasmyCoin (JASMY), Decentraland (MANA), ConstitutionDAO (PEOPLE), MovieBloc (MBL), and LooksRare (LOOKS).
The report said that VeChain also announced last 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, the CEO of VeChain, said:
“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.”
Likewise, VeChain is a supply chain tracking system that launched in 2015 and combines physical tracking with blockchain record keeping. VeChain currently works with a diverse range of organizations to provide logistics and supply chain-focused tracking solutions.
VeChain leverages a proof-of-authority (PoA) consensus mechanism which has 101 master nodes and functions by verifying identities and reputations, instead of proof-of-stake or proof-of-work.
Thus, the recent announcements did little to move the price of VET, with the token posting a temporary gain of 4% before falling back to pre-announcement prices and trading sideways from there. VET is trading for $0.051 at the time of writing, according to TradingView.