VeChain, a supply chain blockchain project, has announced a new partnership with Alchemy Pay, a crypto payment service, that will allow users to use their VET token as payment in over 2 million stores across 70 countries.
The announcement followed with its adoption as a supported token which was recently introduced on 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 is a new mechanism to connect Ethereum tokens to the BNB Chain, which was previously known as the Binance Smart Chain.
SAND, APE, JASMY, MANA, PEOPLE, MBL, LOOKS, and ELON are among the other bridged tokens.
VeChain also announced on Thursday that it has joined the Blockchain Infrastructure Alliance (BIA), a group that brings together industry professionals and funds blockchain-related research initiatives.
Sunny Lu, the CEO of VeChain, stated about the new partnership 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 combines physical tracking with blockchain record keeping. It was founded in 2015. VeChain currently provides logistics and supply chain-focused tracking solutions to a wide range of enterprises.
Instead of staking or mining, VeChain uses a Proof of Authority (PoA) consensus process with 101 master nodes that functions by confirming identities and reputations.
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