VeChain has made a significant move to establish a stronger presence in Europe by integrating its payment solutions with Oobit. With its extensive range of licenses, VeChain is poised to revolutionize the blockchain payment industry. The enterprise blockchain solution provider has announced its entry into the European payment market through a near-field communication (NFC) integration. This integration is set to transform the spending experience for Android users across Europe.
VeChain has partnered with Oobit to include its native currency, VET, in Oobit’s Tap & Pay function. This feature enables users to make purchases at over 100 million retail businesses worldwide that accept Visa and Mastercard. With the integration, users of the app can conveniently pay for their daily purchases using VET through mobile NFC technology. The integration is expected to enhance the utility of the 72.7 billion VET tokens currently in circulation. The initial rollout of Oobit’s Tap & Pay feature will focus on Android users in Europe.
This partnership aligns with VeChain’s commitment to environmental, social, and governance (ESG) initiatives. The company envisions a future where blockchain and digital assets drive sustainable practices across industries. Sunny Lu, CEO of VeChain, emphasizes the significance of integrating VET into Oobit’s platform, stating that it is a concrete step towards associating blockchain technology with positive societal impact.
Additionally, this collaboration reflects VeChain’s “Blockchain Biosphere” concept, as outlined in the “Web3 for Better” whitepaper developed with the Boston Consulting Group. The Blockchain Biosphere demonstrates how blockchain ecosystems can address sustainability challenges in various industries, such as carbon capture in the energy sector and enhancing global logistics routes.
This partnership also reflects the global trend towards ESG principles, particularly in regions like Europe, where regulations like MiCA require transparency that can be achieved through blockchain technology.
Oobit’s collaboration with VeChain follows its recent successful Series A funding round, which raised $25 million. This investment solidifies Oobit’s position as a key player in promoting the use of cryptocurrencies as a form of payment. Supported by prominent investors like Tether and Solana’s Co-founder Anatoly Yakovenko, Oobit continues to expand its payment ecosystem through strategic token integrations. The app currently supports the top five tokens, with VET being the latest addition as the sixth listed token.
VeChain’s expansion into the payment technology market is further highlighted by its recent filing for a V3TR trademark. This trademark covers the issuance of digital tokens for blockchain transactions, adding to VeChain’s growing patent portfolio.
As of now, VET is ranked as the 43rd largest cryptocurrency by market capitalization. Over the past day, VET has seen a 2% increase, trading at $0.0377, with a trading volume of $46 million.
In conclusion, VeChain’s integration with Oobit marks a significant milestone in its European expansion plans and showcases its commitment to driving sustainability through blockchain technology. This partnership, coupled with Oobit’s recent funding round success, positions both companies as key players in the evolving cryptocurrency payment landscape.