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

VeChain has issued a number of announcements aimed at increasing the use and adoption of the VET token.

VeChain, a supply chain blockchain initiative, 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 retailers across 70 countries.

The announcement coincided with its adoption as a supported cryptocurrency on Binance Bridge 2.0, which was just released.

The first group of tokens to be supported on the new Binance Bridge 2.0 was VeChain. 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.

As if that weren't enough, 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, was enthusiastic 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.

The new developments had little impact on VET's price, with the token briefly rising by 4% before reverting to pre-announcement levels and trading sideways from there. According to TradingView, VET is currently trading for $0.051 at the time of writing.