VeChain can be used as payment in 2M stores — and VET bridged to BNB chain

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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. 

Relat­ed: Alche­my Pay Part­ners with Glob­al Pay­ments Provider Checkout.com

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. 



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