VeChain has forged a partnership with Oobit to integrate its VET token into Oobit’s Tap & Pay feature, allowing users to make easy payments at merchant stores using VET. This collaboration marks VET as the sixth cryptocurrency supported by Oobit. Sunny Lu, the founder of VeChain, described the partnership as a significant step towards associating blockchain technology with positive societal impact.
VeChain and Oobit announced their partnership with great enthusiasm, expressing their excitement at the opportunity to work together and promote crypto payments. The collaboration goes beyond mere cooperation, as the two entities are also working on developing new products.
Oobit will incorporate VET, VeChainThor’s native token, into its Tap & Pay feature, enabling users to use their favorite cryptocurrencies to make payments at merchant stores. With this integration, VET joins the ranks of the six cryptocurrencies supported by Oobit, opening up its usage to millions of users.
Oobit has become a prominent player in the crypto payments industry, leveraging the existing point-of-sale systems provided by Visa and Mastercard to support over 100 million merchants worldwide. Founded in 2017, the company recently completed its Series A funding round, raising $25 million from investors such as Tether and 468 Capital, with participation from Anatoly Yakovenko, the creator of the Solana ecosystem.
Amram Adar, CEO of Oobit, expressed his thoughts on the partnership with VeChain, stating that the integration of VET for tap payments solidifies their mission to reshape the way people interact with digital assets. He emphasized that this partnership represents more than just a technological integration, but also a significant step towards a future where every transaction contributes to sustainability.
VeChain and Oobit aim to bring cryptocurrencies to the global stage, offering a solution to the existing challenges in the payment industry. While cryptocurrencies like Bitcoin suffer from high fees and more efficient projects like Solana experience outages, Oobit aims to smoothen the path by addressing the diversity of payment rails and needs. Sunny Lu highlighted the integration of VET into Oobit’s platform as a significant milestone for VeChain, emphasizing their commitment to ESG initiatives and the positive societal impact of blockchain technology.
In addition to its payment ventures, VeChain has been actively involved in sustainability efforts, partnering with organizations such as the UN and the Boston Consulting Group. These collaborations have already yielded impressive results, with VeChain’s partnership with the UN alone saving three million kilograms of carbon dioxide and nine million gallons of water.