VeChain Partners with Oobit for VET Token Integration, Enabling NFC Crypto Payments

• VeChain has partnered with Oobit, enabling the integration of VET into the latter’s Tap & Pay feature, which allows easy payments at merchant stores using the VET token.
• VET became the sixth token supported by Oobit; Sunny Lu described the partnership as “a tangible step towards making blockchain technology synonymous with positive societal impact.”

VeChain has announced a partnership with Oobit, a leading mobile payment app that supports crypto payments globally. The partnership includes the integration of VET on Oobit’s payment systems, making it the sixth supported cryptocurrency.

VeChain and Oobit Partnership: VET Token Boosts Green NFC Crypto Payments
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Oobit and VeChain announced the partnership this week, with both expressing excitement at the opportunity to join forces and push crypto payments.

BIG NEWS! 🚀

We are super excited to announce our partnership with @vechainofficial!

Vechain stands at the forefront as a top-tier enterprise-grade L1 public #Blockchain, driving a digital transformation with its sustainable and immensely scalable smart contract platform. This… pic.twitter.com/kmzyh5ZSto

— Oobit (@oobit) March 6, 2024

According to Oobit’s announcement, the partnership goes beyond collaboration, with the two entities working on a raft of new products.

In an accompanying press release, the two partners described their collaboration as a “significant leap toward advancing the adoption of cryptocurrencies for sustainable everyday payments.”

Oobit will integrate VET, VeChainThor’s native token, into its Tap & Pay feature, which allows users to make payments at merchant stores using some of their favorite cryptocurrencies. VET becomes the sixth crypto Oobit supports, opening the token to tens of millions of users.

Oobit has grown over the years to become one of the important players in the crypto payments space. Founded in 2017, it leverages existing point-of-sale systems offered by Visa and Mastercard, reaching over 100 million supported merchants globally.

Last month, the company announced the completion of its Series A funding round, in which it raised $25 million from investors, including Tether and tech investor 468 Capital. Anatoly Yakovenko, the man behind the Solana ecosystem, was also among the participants.

Commenting on the partnership with VeChain, Oobit CEO Amram Adar stated:

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.

VeChain and Oobit Take Crypto to the World

Cryptocurrencies have been touted as the solution to the global payment problem. However, so far, they haven’t covered themselves in glory. The bigger ones, like Bitcoin, suffer from high fees, while the more efficient projects, like Solana, suffer outages.

One key challenge has been the diversity of payment rails and needs. Oobit smoothens this path, and according to VeChain founder Sunny Lu, the integration of VET is a significant milestone for the project.

Lu stated:

VeChain is excited to partner with Oobit, merging 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’s a tangible step towards making blockchain technology synonymous with positive societal impact.

VeChain’s payment ventures add to its industry-leading work in the march toward sustainability. The network has partnered with entities such as the UN and the Boston Consulting Group on sustainability drives that are yielding 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 Crypto News Flash reported.