As VeChain (VET) continues breaking down barriers to real-world crypto applications, the enterprise-grade L1 blockchain has joined ties with Oobit, a mobile payment app that enables individuals to make payments with cryptocurrencies.
Broadcasted on Wednesday, the main aim of the strategic partnership was to integrate VeChain native token VET into Oobit’s Tap & Pay feature. Accordingly, VET became the sixth cryptocurrency to be listed on the Oobit mobile payment platform. Other supported cryptocurrencies are Bitcoin (BTC), Ether (ETH), TetherUSD (USDT), BNB and Solana (SOL).
Per the announcement, VET can now be used by individuals to pay for products in-store at over 100 million retailers across the globe where Visa and Mastercard are accepted, via mobile NFC technology.
The positive development, which primarily boosts the utility of VET, aligns with VeChain’s environmental, social and governance (ESG) initiatives. Moreover, it underlines a significant advancement in the adoption of cryptocurrencies for everyday money transactions.
Reacting to the collaboration, VeChain’s CEO Sunny Lu said: “VeChain is excited to partner with Oobit, merging our commitment to ESG initiatives with Oobit’s innovative approach. The integration of VET into Oobit’s platform is not just a technological enhancement; it’s a tangible step towards making blockchain technology synonymous with positive societal impact.”
To further discuss Oobit’s functions, plans and features, the VeChain team has scheduled an X Space for March 11, 2024, inviting community members. Notably, Oobit is backed by several top investors, including Tether and Solana’s co-founder Anatoly Yakovenko.
VET Among Top Performers
Despite being the 40th largest crypto asset by market cap at press time, VET has recorded huge investor interest in the ongoing crypto market rally. In particular, the VeChain native token has posted a price gain of over 70% in the last 30 days, per Coinmarketcap data. Citing its stunning price momentum, popular technical analyst Egrag projected VET to hit $1.8 post-bitcoin halving. This translates to an increase of 263% from its current price of $0.4950.
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