VeChain Enters Billion-Dollar European Payment Market: NFC Integration Revolutionizes VET Spending in the EU

• VeChain is expanding its footprint in Europe with Oobit payments integration.
• With many licenses in its portfolio, VeChain foresees a greater revolution in payments through blockchain.

Enterprise blockchain solution VeChain (VET) has announced entry into the European payment market through an NFC integration. The integration promises to revolutionize spending for Android users in Europe.

VeChain Collaborates With Oobit

As revealed in a press release, Oobit will include VET, VeChain’s native currency, into its Tap & Pay function, which allows users to purchase products at more than 100 million retail businesses that accept Visa and Mastercard worldwide.

With this integration, users of the app can easily pay for daily purchases with VET through mobile NFC technology. This integration is also anticipated to increase the utility of 72.7 billion VET currently in circulation. The initial rollout of Oobit’s Tap & Pay feature will span Europe, beginning with Android users.

Great news for the EU Android fam – paying with $VET is now as simple as a tap of your smart phone's NFC!

Crypto is entering mainstream – pay for anything with #VeChain. https://t.co/xr7i912jNm

— vechain (@vechainofficial) May 5, 2024

The partnership is consistent with VeChain’s dedication to environmental, social, and governance (ESG) endeavors. VeChain foresees a future where blockchain and digital assets will propel sustainable practices across industries.

VeChain’s CEO, Sunny Lu echoes this sentiment, stating, “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.”

Crucially, this partnership aligns with VeChain’s “Blockchain Biosphere” idea, described in the “Web3 for Better” whitepaper, developed with the Boston Consulting Group, as previously reported by Crypto News Flash. The Biosphere idea demonstrates how blockchain ecosystems may handle sustainability concerns across several industries, ranging from carbon capture in the energy sector to improving global logistical routes.

Moreover, this partnership is indicative of a worldwide trend toward ESG principles, particularly in areas like Europe where strict laws like MiCA need a degree of openness that can only be attained by blockchain technology.

Oobit Bags $25M in Series A Fund Round

The recent collaboration with VeChain comes only shortly after Oobit secured $25 million in a recent Series A funding round. This investment positions Oobit as a major player in accelerating the use of cryptocurrencies as a form of payment.

Backed by notable investors, including Tether and Solana’s Co-founder Anatoly Yakovenko, Oobit continues to expand its payment ecosystem through strategic token integration. Oobit has grown over the years to become one of the important players in the crypto payments space. The app currently supports the top 5 tokens, with VET being the latest addition as the 6th token listed.

In a similar move, VeChain is expanding its scope in the payment technology market. According to a prior report by Crypto News Flash, VeChain recently filed for a V3TR trademark. The trademark covers the issuance of digital tokens to blockchain transactions, with VeChain’s growing patent portfolio.

At the time of this writing, VET is ranked the 43 largest cryptocurrencies by market capitalization. In the past day, VET has increased by 2% to trade at $0.0377. The trading volume also increased by 16% to $46 million.