VeChain has made a series of announcements that look to substantially grow usability and adoption of its native VET token.
Supply chain blockchain project VeChain has announced a new partnership with crypto payment services, Alchemy Pay that will allow people to use its VET token as payment in over 2 million stores throughout 70 different countries.
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. The Binance Bridge 2.0 provides a new way to bridge tokens from Ethereum to be used on the BNB Chain — formerly known as the Binance Smart Chain.
The other bridged tokens include SAND, APE, JASMY, MANA, PEOPLE, MBL, LOOKS and ELON.
And if that wasn’t enough, VeChain also announced on Thursday that it has joined the Blockchain Infrastructure Alliance (BIA), an organization that links together industry experts and provides funding for blockchain-related research projects.
Sunny Lu, CEO of VeChain, spoke warmly about the new affiliation with the BIA.
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.
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 staking or mining.
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 currently trading for $0.051 according to TradingView at the time of writing.