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

Supply chain blockchain project VeChain has announced a new partnership with crypto payment services, Alchemy Pay, which will enable people to use their VET token as payment at over 2 million stores in 70 different countries.

The news came alongside its inclusion as a supported token in the recently launched Binance Bridge 2.0.

VeChain was included in the first pool of tokens supported by the new Binance Bridge 2.0. Binance Bridge 2.0 provides a new way to pool Ethereum tokens for use on the BNB chain, formerly known as Binance Smart Chain.

The other bridging 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 unites industry experts and provides funding for blockchain-related research projects.

Sunny Lu, CEO of VeChain, spoke warmly about the new affiliation with BIA.

“By working together with this group of leading blockchains, we can build understanding and support each other to drive the industry as a whole.”

VeChain is a supply chain tracking system that was launched in 2015 and combines physical tracking with blockchain record keeping. VeChain currently works with a wide range of organizations to provide logistics and supply chain focused tracking solutions.

VeChain leverages a Proof of Authority (PoA) consensus mechanism that has 101 master nodes and functions by verifying identities and reputations, rather than staking or mining.

Related: Alchemy Pay partners with global payment provider

Recent announcements did little to move VET’s price, with the token posting a temporary 4% gain before falling back to pre-announcement prices and trading sideways from there. VET is currently trading at $0.051 according to TradingView at the time of writing.