VeChain (VET), the blockchain platform known for enterprise solutions, has taken a major leap towards mainstream adoption by partnering with Oobit, a mobile payment app. This collaboration allows users to spend VET at over 100 million retailers worldwide – anywhere Visa and Mastercard are accepted – using near-field communication (NFC) technology.
This strategic partnership, announced on Wednesday, integrates VET into Oobit’s Tap & Pay feature. VET joins the ranks of established cryptocurrencies like Bitcoin (BTC), Ether (ETH), TetherUSD (USDT), BNB, and Solana (SOL) on the Oobit platform.
The move is a significant step forward for both companies. For VeChain, it boosts the real-world utility of VET, a key factor for wider crypto adoption. It also aligns with VeChain’s commitment to environmental, social, and governance (ESG) initiatives.
“VeChain is excited to partner with Oobit,” said Sunny Lu, CEO of VeChain. “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.”
The impact on Oobit is undeniable. This partnership with a well-established blockchain player like VeChain brings legitimacy and a wider user base to their platform. For more details on Oobit’s features and future plans, the VeChain team is hosting a community discussion (X Space) on March 11, 2024.
Significantly, Oobit boasts backing from prominent investors like Tether and Solana co-founder Anatoly Yakovenko, highlighting the confidence in their mission.
Also Read: Can VeChain (VET) Repeat History? Analyst Predicts 1480% Surge, Echoing 2021 Bull Run
VET’s Stellar Performance
While ranking 40th in market capitalization at the time of writing, VET has been a standout performer in the recent crypto rally. The token has surged over 70% in the last 30 days, according to Coinmarketcap data. Technical analyst Egrag, impressed by this momentum, predicts VET could reach $1.8 after the next Bitcoin halving – a potential increase of 263% from its current price of around $0.4950.
This partnership with Oobit is sure to further fuel investor interest in VET. With the ability to spend VET at millions of retailers, VeChain is proving that cryptocurrencies are not just for investment, but a viable option for everyday transactions.
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