VeChain Has A Partnership With Alchemy Pay, VET Will Be Used For Payments In 2 Million Stores In Various Countries

The cryptocurrency VeChain has partnered with Alchemy Pay. (CoinCentral)

JAKARTA - The cryptocurrency developer VeChain (VET) has officially collaborated with a leading cryptocurrency payment service, Alchemy Pay. The partnership allows users to utilize the VET token as a means of payment in more than 2 million stores worldwide.

The announcement follows the recent news regarding Binance Bridge 2.0 supporting VET. However, VeChain is among the first tokens to be supported on the new Binance Bridge 2.0.

For information, Binance Bridge 2.0 is a bridging service that helps various tokens from the Ethereum network to use the BNB network or the Binance Smart Chain.

VET is one of the tokens for bridging via Binance Bridge 2.0. Meanwhile, other tokens such as APE, SAND, MANA, LOOKS, ELON, MBL, PEOPLE, JASMY, also do the same.

Launching from Cointelegraph, on Thursday VeChain also announced that it has joined the Blockchain Infrastructure Alliance (BIA), an organization that connects industry experts and provides funding for blockchain-related research projects.

“By working with this leading blockchain group, we can develop understanding and support each other to elevate the industry as a whole,” said VeChain CEO Sunny Lu, discussing the new affiliation with BIA.

For your information, VeChain is a supply chain tracking system that was launched in 2015 and combines physical tracking with blockchain logging. VeChain is currently working with various organizations to provide logistics and tracking solutions focused on the supply chain.

VeChain utilizes a Proof of Authority (PoA) consensus mechanism that has 101 master nodes and functions by verifying identity and reputation, instead of staking or mining.

At the time of writing, data from Coinecko reports that VeChain (VET) is trading at IDR744. VET price performance has decreased by 1.5 percent in the last 24 hours. The current VET price is still minus 81.9 percent from its all-time high (ATH) that was recorded on April 19, 2021.