VeChain: VET can be used as an MoE in 2 million stores now

Lavina Daryanani

Companies today have already started leaning towards the IoT, or Internet of Things, tech to collect key operational data and automate their processes. Amazon, for starters, uses QR codes and mobile robotic systems to fulfill orders.

Generally, companies rely on data to understand consumer behavior and create new business value. So, if the data is tampered with or ends up getting corrupted, then product/service-related strategic decisions made based on the same get negatively impacted.

Consequentially, combining IoT with blockchain technology was seen as an effective solution because by doing so, businesses could secure the information and maintain data integrity in a transparent fashion.

That’s where projects like VeChain come into the picture. VeChain, is one of the few projects in the crypto space that uses the IoT tech to get rid of data obstacles. The platform’s native token VET is used to transfer value across VeChain’s network.

VeChain bags deal with Alchemy Pay

With time, the token has managed to garner traction and gradually climb up on the rankings chart. In fact, now, people conveniently use it as a Medium of Exchange among other things. As a result, companies are looking to tap on the newfound inclination of consumers towards VET and are making the best use of it.

In what is the latest update, crypto payment services Alchemy Pay has tied up with VeChain to allow people to use VET token as payment in over 2 million stores throughout 70 different countries.

Binance extends support to VeChain

The Alchemy Pay news coincided with another major dev. Two days back, Binance Bridge 2.0 went live and started supporting the cross-chain bridging of assets. Simply put, it provides a new way to bridge tokens from Ethereum to be used on the BNB Chain [previously Binance Smart Chain]. Nine tokens are currently supported and VeChain is one among them.

The said announcements hardly had an impact on the price of VET. Since 27 April, the has been moving horizontally and consolidating around the $0.05 threshold. At press time too, VeChain was trading around the same level – after noting a 1.5% dip in the past 24-hours, VET was valued at $0.0511.