VeChain (VET) is now accepted as payment in thousands of stores worldwide

5 May 2022

2 min read

VeChain (VET) is now accepted as payment in thousands of stores worldwide

VeChain is a Singapore and China-based blockchain company with operations in Europe, Asia and America. VeChain was Co-Founded by CEO Sunny Lu and Jay Zhang in 2015.

VeChain's main vision lies in lowering the barrier to businesses enabling blockchain technology, creating value and solving real-world economic problems. Since its inception, VeChain has managed to onboard an impressive list of enterprises building applications on top of the VeChainThor Blockchain.

VeChain (VET) is a supply chain-focused protocol and is now accepted as payment at over two million stores worldwide after partnering with the crypto payments-focused protocol Alchemy Pay (ACH). According to a recent announcement, VeChain’s native token VET can now be used to purchase real-world goods and services via Alchemy Pay’s platform with low-cost instant transactions. As stated in the VeChain foundation twitter account:

“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.”

Alchemy Pay is a platform that enables payments using a wide variety of fiat and cryptocurrencies and it is powered by the ACH token which is used to pay fees and reward users for purchases.

VeChain CEO and founder Sunny Lu said in a March press release that their 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.”