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VeChain Teams Up with Oobit: VET Token Integration Empowers Sustainable NFC Crypto Payments

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  • Oobit and VeChain partnership introduces VET payments for everyday transactions, promoting sustainable crypto use.
  • The initiative aligns with global ESG principles, leveraging blockchain for transparency and sustainability across industries.

Oobit, a leader in mobile payment solutions, has joined forces with blockchain giant VeChain. This partnership aims to integrate the VeChain Token (VET) into Oobit’s platform, propelling the use of cryptocurrencies into the realm of daily, sustainable payments.

This collaboration not only marks a significant leap in the adoption of digital currencies but also aligns perfectly with VeChain’s steadfast commitment to environmental, social, and governance (ESG) initiatives.

Bridging the Gap Between Blockchain and Sustainability

At the heart of this partnership is a shared vision of a future where blockchain technology and digital assets are key drivers of sustainable practices across diverse industries.

By integrating VET into Oobit’s seamless payment system, the duo is making it incredibly simple for users to pay for everyday products using VET, courtesy of the cutting-edge mobile Near Field Communication (NFC) technology.

With a vast majority of VET tokens, specifically 72.7 billion out of the total 85.9 billion, already in circulation, this integration significantly enhances the token’s utility. Users can now leverage these tokens for their everyday transactions through Oobit’s intuitive Tap & Pay feature, thereby increasing the token’s usage and appeal.

Fostering Sustainability Through Innovative Rewards

A particularly innovative aspect of this collaboration is how it encourages user engagement with sustainability-focused decentralized applications (dApps) via the VeBetterDAO platform. Here, users can earn B3TR, an incentive token, which in turn drives the increased utilization of VET and VTHO tokens.

This model, termed ‘X-2-Earn’, is designed to incentivize stakeholders ranging from individuals to large-scale corporations to actively participate in sustainability efforts, transforming everyday transactions into a force for positive environmental impact.

This initiative is a seamless fit with VeChain’s ‘Blockchain Biosphere’ concept, as delineated in the ‘Web3 for Better’ whitepaper, developed in collaboration with the Boston Consulting Group.

The concept vividly illustrates how blockchain ecosystems can tackle specific sustainability challenges across various sectors, from carbon capture in the energy domain to enhancing the transparency and efficiency of global logistics trails.

A Leap Forward Supported by Robust Funding

Oobit’s recent closure of a substantial $25 million Series A funding round underscores its emerging role as a pivotal player in fostering the adoption of cryptocurrency as a mainstream medium of payment.

Backed by prominent investors including Tether and Solana’s co-founder Anatoly Yakovenko, Oobit is set to expand its payment ecosystem further through strategic token integrations. Currently supporting the top five tokens, with VET as the latest addition, Oobit is broadening its horizons and reinforcing its mission to revolutionize our interaction with digital assets.

Amram Adar, CEO of Oobit, eloquently states, “The integration of VET for tap payments on Oobit solidifies our mission in reshaping how we interact with digital assets. This partnership signifies more than a technological integration; it’s a bold step towards a future where every transaction contributes to sustainability.”

To explore this development in more depth, you can watch the YouTube video below.

Expanding Reach and Impact

Initially, Oobit’s Tap & Pay feature will be rolled out in Europe, starting with Android users. This robust ecosystem enables crypto holders to make seamless transactions at over 100 million retailers worldwide, wherever Visa and Mastercard are accepted.

This ensures that while consumers enjoy the flexibility of crypto payments, merchants are not left behind, receiving payments in fiat currency.

By weaving VET into the fabric of everyday payments, VeChain and Oobit are not just promoting the mass adoption of cryptocurrencies; they are also pioneering the use of sustainable implementations of crypto technology.

Previously, VeChain (VET) has also expanded its academic horizons by partnering with Oxford University, aiming to revolutionize blockchain adoption through collaborative research and development. This strategic alliance is set to enhance blockchain’s practical applications and innovations, as previously reported by ETHNews.

At the time of writing, VeChain’s native token, VET, has seen its price increase by 5.42% in the last 24 hours to $0.04825. However, this represents a price slump of 2.52% in the last 7 days.

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Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: [email protected] Phone: +49 160 92211628