Thursday, May 26

VeChain receives millions of dollars in investment

Supply chain-focused VeChain’s altcoin project VET is now accepted as payment in more than two million stores worldwide, after partnering with cryptocurrency payment protocol Alchemy Pay (ACH).

The largest exchanges currently traded with VeChain are Binance, MEXC, Bybit, FTX, and . You can find other exchanges that make listings. According to a new announcement, VeChain’s native token VET can now be used to purchase real-world goods and services through the Alchemy Pay platform with instant transactions costing less than a penny. In its statement, VET pointed out that thanks to its partnership with Alchemy Pay, VET can now be used to purchase products in more than two million stores worldwide.

What is VeChain (VET)?

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VeChain (VET) is a blockchain-based supply chain platform. Launched in 2015 and launched in June 2016, VeChain aims to use distributed governance and Internet of Things (IoT) technologies to create an ecosystem that solves some key issues in supply chain management.

The platform uses two in-house tokens, VET and VTHO, to create and manage value on the VeChainThor public blockchain.

The aim is to increase the efficiency, traceability and transparency of supply chains while reducing costs and giving individual users greater control.

VET Gets Popular

According to a new announcement, VeChain’s native token VET can now be used to purchase real-world goods and services through the Alchemy Pay platform with instant transactions costing less than a penny. In its statement, VET pointed out that thanks to its partnership with Alchemy Pay, VET can now be used to purchase products in more than two million stores worldwide.

“Using our advanced low-carbon Blockchain, transactions cost less than a penny and are processed in seconds from any VeChain wallet,” the statement said. Vechain CEO and founder Sunny Lu said in a press release in March that VET’s partnership with Alchemy Pay aims to increase its utility and adoption rate as a payment instrument.

The integration of VET into Alchemy Pay’s cryptocurrency payment system is important to further expand the real-world use cases of VET as a form of payment. Mainstream adoption of VET will increase by enabling major payment standards such as Visa, Mastercard, and Paypal using Alchemy Pay, enabling direct access, bypassing the complications of crypto exchanges that can be a stumbling block for many new users.

VeChain (VET) is now supported on Binance Bridge 2.0

The news that VeChain has become a payment option accepted in over 2 million global stores followed the news that VET is now supported on BNB Chain against the Binance background. Also, as we reported, VET is among other tokens powered by Binance Bridge 2.0. According to the team at the exchange, Binance Bridge 2.0 offers a new way to bridge selected unlisted tokens from Ethereum to the BNB Smart Chain as BTokens. You can use your Wrapped tokens with the BNB Chain ecosystem and explore DeFi, blockchain games, metadatabase and more.

Who is VeChain (VET) Founder?

The developer and co-founder of the VeChain project is Sunny Lu, an IT executive who was previously CIO at Louis Vuitton China.

Lu has since become a recognized name in the cryptocurrency industry. Lu pointed out the ability of blockchain technology to specifically solve transparency, claiming that as part of the supply chain it can create “trustless” structures that are not affected by corruption.

Jay Zhang, the other co-founder who drives VeChain’s global corporate structure, governance and financial management, previously worked in finance and risk management at both Deloitte and PriceWaterhouseCoopers.

Launched in 2016, VeChain is one of the oldest blockchain supply chain platforms on the market.

Why is VeChain (VET) Different?

VeChain exists to transform traditional supply chain models, an industry where little has changed for decades before blockchain.

Using transparent technology without a single weak point or control point provides greater protection, efficiency and easier tracking of products in the supply chain, while reducing costs with unsafe automation.

VeChain’s model specifically appeals to businesses that want to reduce supply chain issues and leave a more transparent impression on users.

VeChain’s official statement states that what makes it unique, among other features, is its dual token layout. Token holders provide liquidity in return for rewards by participating in activities such as staking, while in-house token fees combine with fees from various services to generate operating income for the company.

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