VeChain has made major announcements that target to enhance its usability plus boost the adoption of the VET token, its native token.
VeChain, the supply chain blockchain, has unveiled its new partnership with Alchemy Pay, a crypto payment service, to allow people to use VET tokens for payments in more than two million stores in over 70 nations.
The news came alongside its inclusion along with other supported tokens on the recently unveiled Binance Bridge 2.0.
“Using our low-#carbon #blockchain, transactions cost fractions of a cent & are processed in seconds from any #VeChain …” read a statement from VeChain Foundation.
VeChain was added in the initial group of tokens that will be supported on the Binance Bridge 2.0, offering a new method of bridging tokens from Ethereum to be applied on the BNB chain, previously referred to as the Binance Smart Chain.
Other bridged tokens included in the Binance Bridge 2.0 are:
- The Sandbox (SAND)
- JasmyCoin (JASMY)
- ApeCoin (APE)
- Decentraland (MANA)
- ConstitutionDAO (PEOPLE)
- MovieBloc (MBL)
- LooksRare (LOOKS)
VeChain Also Joins BIA (Blockchain Infrastructure Alliance)
To grow its usability, VeChain also announced it is joining BIA, which links experts and funding providers for blockchain-related projects. Here is what Sunny Lu, the CEO of VeChain, had to say:
“By working together with this group … we can develop understanding and mutually support each other to lift the industry as a whole.”
Launched in 2015, VeChain is a supply chain tracking system that pools physical tracking record-keeping in the blockchain. Currently, it works with a wide range of organizations to offer supply chain and logistics-focused tracking solutions.
VeChain employs a consensus protocol known as proof-of-authority (POA), which consists of 101 master nodes that verify identities and reputations as opposed to the common proof of stake (POS) or proof of work (POW) protocols.
The recent announcement, however, did not have a significant impact on the VET prices on the market. The response was a temporary gain of 4%, which later slid back to the pre-announcement price level.