VeChain Expands Presence in Europe with Oobit Partnership
VeChain, a leading enterprise blockchain solution, is making its mark in the European payment market with its integration with Oobit. This collaboration aims to revolutionize the way Android users in Europe make payments through blockchain technology.
Oobit, in its press release, announced that it will include VeChain’s native currency, VET, into its Tap & Pay function. This feature enables users to purchase products at over 100 million retail businesses worldwide that accept Visa and Mastercard. By integrating VET into the app, users can conveniently make daily purchases using mobile NFC technology. This integration also enhances the utility of the 72.7 billion VET already in circulation. The initial rollout of Oobit’s Tap & Pay feature will be available to Android users in Europe.
The partnership between VeChain and Oobit aligns 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 this vision, stating, “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.”
This collaboration also reflects VeChain’s “Blockchain Biosphere” concept, as outlined in the “Web3 for Better” whitepaper developed with the Boston Consulting Group. The Biosphere idea highlights how blockchain ecosystems can address sustainability challenges in industries such as energy and global logistics.
Furthermore, this partnership reflects the global trend towards ESG principles, particularly in regions like Europe where regulations like MiCA require transparency enabled by blockchain technology.
Oobit recently raised $25 million in a Series A funding round, further solidifying its position as a key player in promoting cryptocurrency adoption for payments. With support from notable investors, including Tether and Solana’s Co-founder Anatoly Yakovenko, Oobit continues to expand its payment ecosystem through strategic token integration. The app currently supports the top 5 tokens in the market, with VET being the latest addition.
VeChain’s expansion in the payment technology market is evident with its recent filing for a V3TR trademark, as reported by Crypto News Flash. 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. In the past day, VET has experienced a 2% increase, trading at $0.0377. The trading volume has also risen by 16% to $46 million.
In conclusion, VeChain’s partnership with Oobit marks a significant step towards transforming payment systems in Europe through blockchain technology. With its commitment to sustainability and strategic collaborations, VeChain continues to make waves in the crypto payments space.