VeChain, the enterprise blockchain solution, is making its mark in Europe with its integration into Oobit payments. This move is expected to revolutionize the payment experience for Android users across the continent.
VeChain has partnered with Oobit to include its native currency, VET, in the Tap & Pay feature. This integration allows users to make purchases at over 100 million retail businesses worldwide that accept Visa and Mastercard. By utilizing mobile NFC technology, users can easily pay for their daily expenses with VET. This integration is also set to enhance the utility of the 72.7 billion VET currently in circulation. The initial launch will be available to Android users in Europe.
The collaboration between VeChain and Oobit is in line with VeChain’s commitment to environmental, social, and governance (ESG) initiatives. VeChain envisions a future where blockchain and digital assets drive sustainable practices across various industries. Sunny Lu, the CEO of VeChain, emphasizes the significance of this integration, stating that it is a step towards making blockchain technology synonymous with positive societal impact.
This partnership also aligns with VeChain’s “Blockchain Biosphere” concept, which explores how blockchain ecosystems can address sustainability concerns in industries such as energy and logistics. It reflects a global trend towards ESG principles, particularly in regions like Europe where regulations like MiCA require the transparency and efficiency offered by blockchain technology.
Oobit’s collaboration with VeChain follows its successful Series A funding round, where it raised $25 million. This investment solidifies Oobit’s position as a key player in driving the adoption of cryptocurrencies as a means of payment. With support from notable investors such as Tether and Solana’s Co-founder Anatoly Yakovenko, Oobit continues to expand its payment ecosystem through strategic token integration. VET is the latest addition to the app, which already supports the top 5 tokens.
VeChain’s expansion into the payment technology market is further evidenced by its recent filing for the V3TR trademark, which covers the issuance of digital tokens for blockchain transactions. This move adds to VeChain’s growing patent portfolio.
As of now, VET is ranked as the 43rd largest cryptocurrency based on market capitalization. In the past day, VET has seen a 2% increase in value, trading at $0.0377, with a trading volume of $46 million.
Overall, VeChain’s integration with Oobit and its focus on ESG initiatives highlight its commitment to driving innovation in the payment industry and promoting sustainable practices through blockchain technology.