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VeChain has made a number of announcements aimed at increasing the use and popularity of its native VET coin.
VeChain, a supply chain blockchain initiative, has announced a new cooperation with crypto payment services Alchemy Pay, allowing consumers to use its VET token as payment in over two million retailers across 70 countries.
More to come…
The announcement coincided with its addition as a supported cryptocurrency on the recently announced Binance Bridge 2.0.
VeChain was among the first tokens to be supported by the new Binance Bridge 2.0, which offers a new mechanism to bridge tokens from Ethereum to the BNB Chain — formerly known as the Binance Smart Chain.
The Sandbox (SAND), ApeCoin (APE), JasmyCoin (JASMY), Decentraland (MANA), ConstitutionDAO (PEOPLE), MovieBloc (MBL), and LooksRare are among the other bridging tokens (LOOKS).
And, as if that weren’t enough, VeChain announced on Thursday that it had joined the Blockchain Infrastructure Alliance (BIA). This association brings industry experts together and funds blockchain-related research projects.
Sunny Lu, CEO of VeChain, expressed excitement about the new partnership with the BIA.
VeChain presently collaborates with a wide range of enterprises.
VeChain is a supply chain tracking system that combines physical tracking with blockchain record keeping. It was founded in 2015. VeChain currently provides logistics and supply chain tracking solutions to a wide range of enterprises.
Instead of proof-of-stake or proof-of-work, VeChain employs a proof-of-authority (PoA) consensus method with 101 master nodes and functions by confirming identities and reputations.
The recent developments had minimal impact on the price of VET, with the token showing a 4-percentage-point gain before reverting to pre-announcement levels and trading sideways from there. According to TradingView, VET is currently trading at $0.051.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
