VeChain (VET) Now Accepted as Payment in 2,000,000 Stores Worldwide

May 04, 2022, 10:30 AM AEST - 2 weeks ago

VeChain (VET) has partnered with payments provider Alchemy Pay (ACH) to allow VET holders to make crypto payments to over two million merchants in over 70 countries worldwide:

However, the response to the Alchemy Pay partnership, although generally positive, wasn’t enough to see VET buck the general downturn in crypto markets over the past week: 

At the time of writing VET was trading at US$0.047, about nine percent down from when the partnership went live on April 28.

Alchemy Pay Bridges Fiat-Crypto Gap

Touting itself as a hybrid payments system, Alchemy Pay allows merchants to accept both established forms of payment – such as credit cards and PayPal – and cryptocurrency. It provides crypto acceptance payment systems for online and offline businesses including via popular merchant platforms Shopify and Arcadier.

In additional to VET, Alchemy Pay accepts numerous other cryptocurrencies including Bitcoin, Ethereum, Tether, Polygon, Elrond and Algorand.

Regarding the integration of VET into its payment system, Alchemy Pay CEO John Tan said:

Our partnership will improve [VeChain’s] access to users and increase the possibilities for developers on Thor. After integrations with VeChain as well as other leading blockchains, we expect our fiat-crypto on-ramps to be a major driver of the mainstream adoption of crypto services and dApps going forward. 

John Tan, CEO, Alchemy Pay

Payments Capability Increases Utility, Adoption

VeChain CEO Sunny Lu explained that the ability to use VET as payment for goods and services across a vast network of merchants should increase the utility of VET and spur further mainstream adoption of crypto:

With Alchemy Pay’s fiat payment channel and crypto on-ramps, we are bringing more mainstream accessibility to our network. This has benefits, not only for users but also for all developers building on the VeChainThor blockchain. 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. 

Sunny Lu, CEO, VeChain

Founded in 2015, VET is built on top of the Thor blockchain and is known predominantly for its supply chain focus. Recently, however, VET has branched out into other sectors, such as real estate, through a partnership with Jones Lang LaSalle Incorporated, and vaccination passports, via a partnership with the government of the small European republic of San Marino.

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