VeChain Collaborates with Oobit to Integrate VET Token, Facilitating NFC Crypto Payments

VeChain has formed a strategic partnership with Oobit, enabling the integration of the VET token into Oobit’s Tap & Pay feature, which allows for easy payments at merchant stores using VET.
VET has become the sixth cryptocurrency supported by Oobit, and Sunny Lu, the founder of VeChain, described the partnership as a significant step towards associating blockchain technology with positive societal impact.
VeChain has announced a collaboration with Oobit, a leading mobile payment app that facilitates global crypto payments. The partnership involves the inclusion of VET in Oobit’s payment systems, making it the sixth cryptocurrency supported.
VeChain and Oobit Partnership: VET Token Enhances Green NFC Crypto Payments
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Oobit and VeChain revealed this partnership earlier this week, expressing their excitement about joining forces to promote crypto payments.
BIG NEWS!
We are thrilled to announce our partnership with
@vechainofficial
!
Vechain is a top-tier enterprise-grade L1 public
#Blockchain
, leading the way in digital transformation with its sustainable and highly scalable smart contract platform. This…
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— Oobit (@oobit)
March 6, 2024
According to Oobit’s announcement, the partnership goes beyond cooperation, with the two entities collaborating on a range of new products.
In a press release accompanying the announcement, the two partners described their collaboration as a significant leap towards advancing the adoption of cryptocurrencies for sustainable everyday payments.
Oobit will integrate VET, the native token of VeChainThor, into its Tap & Pay feature, allowing users to make payments at merchant stores using their preferred cryptocurrencies. VET now joins the list of six supported cryptocurrencies on Oobit, opening up the token to millions of users.
Oobit has grown to become one of the key players in the crypto payments space over the years. Established in 2017, the company leverages the existing point-of-sale systems provided by Visa and Mastercard, reaching over 100 million supported merchants worldwide.
Last month, the company announced the successful completion of its Series A funding round, raising $25 million from investors including Tether and tech investor 468 Capital. Anatoly Yakovenko, the mastermind behind the Solana ecosystem, also participated in the funding.
Amram Adar, the CEO of Oobit, commented on the partnership with VeChain:
The integration of VET for tap payments on Oobit solidifies our mission to reshape how we interact with digital assets. This partnership signifies more than just a technological integration; it is a bold step towards a future where every transaction contributes to sustainability.
VeChain and Oobit Empower Crypto on a Global Scale
Cryptocurrencies have been hailed as the solution to the global payment problem. However, they have yet to prove themselves. Bitcoin and other major cryptocurrencies suffer from high fees, while more efficient projects like Solana experience outages.
One of the main challenges has been the diversity of payment systems and requirements. Oobit addresses this issue, and according to Sunny Lu, the founder of VeChain, the integration of VET represents a significant milestone for the project.
Lu stated:
VeChain is thrilled to partner with Oobit, combining 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 is a tangible step towards making blockchain technology synonymous with positive societal impact.
VeChain’s payment endeavors complement its leading efforts towards sustainability. The network has collaborated with organizations such as the UN and the Boston Consulting Group on sustainability initiatives that have yielded impressive results. Recently, Lu revealed that the partnership with the UN had saved three million kilograms of carbon dioxide and nine million gallons of water, as reported by Crypto News Flash.
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