Supply chain-focused VeChain (VET) is now accepted as payment at over two million stores across the globe after partnering with crypto payments protocol Alchemy Pay (ACH).
According to an announcement, VeChain’s native token VET can now be used to purchase real-world goods and services via Alchemy Pay’s platform with instant transactions that cost less than a penny.
“Thanks to partner Alchemy Pay, VET can now be used to buy goods at two million+ stores globally! Using our advanced low-carbon blockchain, transactions cost fractions of a cent and are processed in seconds from any VeChain wallet.”
Vechain CEO and founder Sunny Lu said in a March press release that VET’s alliance with Alchemy Pay aims to bolster its utility as a means of payment and the rate of its adoption.
“The integration of VET into Alchemy Pay’s crypto payment system is important in further expanding the real-world use cases for VET as a form of payment.
By enabling mainstream payment standards like Visa, Mastercard and Paypal using Alchemy Pay, the mainstream adoption of VET will increase by making direct access possible, bypassing the complications of crypto exchanges that can be a barrier for many new users.”
VET is changing hands at $0.049 at time of writing, an 11.5% increase from its 24-hour low of $0.044.
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