The VeChain Foundation, a blockchain business service provider focusing on distribution chain as well as sustainability, signed a strategic agreement with an inventory monetizing service, Supply@Me Capital, to fund the very first ‘Web3’ Inventory Monetization Network based on blockchain, stablecoin, and NFT technologies on June 28.
The #VeChain Foundation is proud to pioneer cutting edge #blockchain applications.
In our strategic alliance with @SupplyMECapital, we're building a new kind of 'Inventory Monetization' system, uniting #NFT technology, #Stablecoins & #Web3.https://t.co/zZ3460cyri $VET #crypto pic.twitter.com/Cb6flkGMkn
— VeChain Foundation (@vechainofficial) June 28, 2022
In this new partnership, Alessandro Zamboni, CEO of Supply@ME remarked:
“By embarking upon this alliance with the highly respected VeChain, an organisation that is unique in the sustainability and supply chain sector, we are working to ensure the business is future-proof and highly scalable. In parallel, we continue to progress our own traditional funding routes which remain strategic for our business model”.
The agreement aims to establish a long-term Web3 environment that enables direct involvement in the inventory monetization process by integrating traditional financing with the blockchain domain.
Sunny Lu, CEO of VeChain, stated:
“VeChain has demonstrated its ability to dream up, and subsequently deploy, new ideas and ecosystems that harness the revolutionary power of blockchain. We recognised the same potential in Supply@ME and their novel tradFi-Defi inventory management service. We look forward to working with them to co-develop these new systems and provide businesses with an entirely new method of raising value from Inventory Monetisation.”
Phases of Agreement
The agreement is divided into two phases, each with its own set of financial prospects and technological advancements.
First phase
- The agreement is already in its first phase, with a preliminary report estimated by the last of July 2022.
- The purpose is to create a proof-of-concept framework capable of generating and delivering a blockchain trade to an Italian firm in the customer portfolio of SYME (Supply@me) using the VeChainThor blockchain network.
Second Phase
- The agreement will move to the second phase after the observation and research are completed.
- The creation of an inventory monetization platform is expected to be completed by December 2022.
- The framework guarantees to activate brand new features for trading and manufacturing businesses, with a full action plan of Web3 qualities, along with the approval of Non-Fungible Tokens (“NFT”), which constitute virtual possession of physical goods, B2B marketplaces, decentralised financial applications, and an overall regulatory procedure.
- During phase 2, the VeChainThor public blockchain would be used for the minting of the phygital (physical + digital) NFTs, along with inventory monetization transactions.
- It is financially backed by a variety of market makers, such as crypto asset managers and retail investors, to explore an improved commercial non-credit funding framework.
The primary objective of the collaboration is to construct a completely new form of financial system for the use of commercial and industrial firms who want to generate cash flow without going into debt.
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