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Is VeChain a hidden gem in the current market? Three announcements that could boost VET price

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Akarat Phasura VeChain 1000x600 1
29
Apr

Source: Akarat Phasura – Shutterstock

  • VeChain has announced that it has partnered with Alchemy Pay to avail VET payments to over 2 million merchants as real-world growth continues.
  • It also announced that it has become one of the first few tokens to be included in the Binance Bridge 2.0 which connects Ethereum tokens to the BNB Chain.

The cryptocurrency market has slowed down lately, with Bitcoin, Ethereum, Solana, XRP, Cardano and even the red-hot LUNA trading sideways. But with a slew of announcements on Thursday that could boost its price, VeChain could be a good bet in the short term.

VeChain, which majors in supporting the global supply chain, announced yesterday that it has partnered with Alchemy Pay, a hybrid payment system that combines fiat with crypto, to avail its VET token to over two million merchants worldwide.

“Using our advanced low-carbon blockchain, transactions cost fractions of a cent & are processed in seconds from any VeChain wallet,” the project wrote while making the announcement on Twitter.

Still, on Thursday, VeChain announced that it had been included in the first batch of tokens to be supported on Binance Bridge 2.0. This bridge was introduced recently as a way to allow tokens deployed on Ethereum to be used on the BNB Chain ecosystem (previous Binance Smart Chain) as BTokens. It was an upgrade to the previously decommissioned Binance Bridge with new features and a brand new look.

In its first batch, BNB Chain selected VET alongside The Sandbox, Decentraland’s MANA, LooksRare’s LOOKS, ConstitutionDAO’s PEOPLE, ApeCoin’s APE, and a couple of others.

Bridging tokens has become increasingly popular in recent years. It allows users to still back their own tokens, such as VET, while exploring DeFi, metaverses, NFTs and other features on other blockchains. In this case, VET holders will be able to use wrapped VET on the BNB Chain and access its DeFi which is significantly bigger than VeChain’s.

In yet more good news for VET holders, VeChain announced that it was joining up with other prominent blockchain projects as the newest member of the Blockchain Infrastructure Alliance.

The BIA brings together leaders, innovators, and experts who are shaping the blockchain industry. It funds blockchain research and nurtures projects that seek to optimize decentralized finance. Some of its founding members include Avalanche, Polygon, NEO, Near Protocol, IoTex, and Alchemy Pay.

Commenting on the new alliance, Sunny Lu, VeChain’s CEO stated:

We are glad to be joining the Blockchain Infrastructure Alliance. 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.

Read More: VeChain builds government traceability platform for the Ongnuid banner region, Inner Mongolia, China

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