Oobit, a leading mobile payment app, has partnered with VeChain to integrate VET (VeChain Token) into its platform, marking a significant leap toward advancing the adoption of cryptocurrencies for sustainable everyday payments. The collaboration aligns with VeChain's commitment to environmental, social, and governance (ESG) initiatives, envisioning a future where blockchain and digital assets drive sustainable practices across industries.
With 72.7 billion out of 85.9 billion VET in circulation, the integration of VET into Oobit's Tap & Pay feature enables users to utilize it for everyday transactions and contribute directly to VeChain's ESG aspirations. Users engaging with sustainability-focused dApps through VeBetterDAO earn $B3TR, the platform’s incentive token, driving increased use of VET and VTHO. Leveraging VeChain’s 'X-2-Earn' model, VeBetterDAO helps stakeholders, from individuals to large corporations, actively contribute to sustainability efforts by rewarding everyday transactions, turning them into a force for good.
"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," stated VeChain's CEO, Sunny Lu.
This collaboration aligns seamlessly with VeChain's 'Blockchain Biosphere' concept, outlined in the 'Web3 for Better' whitepaper developed with the Boston Consulting Group. The Biosphere concept showcases how blockchain ecosystems can address specific sustainability challenges across various industries, from carbon capture in the energy sector to enhancing global logistics trails.
Oobit's recent Series A funding round, securing $25 million, positions the company as a key player in advancing the adoption of cryptocurrency as a means of payment. Supported by notable investors, including Tether and Solana's Co-founder Anatoly Yakovenko, Oobit continues to expand its payment ecosystem through strategic token integration. The app currently supports the top 5 tokens, with VET being the latest addition as the 6th token listed on Oobit.
"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," said Amram Adar, Oobit's CEO.
The initial launch of Oobit's Tap & Pay feature will cover Europe, starting with Android users. The company’s robust ecosystem allows crypto holders to Tap & Pay at over 100 million retailers across the globe where Visa and Mastercard are accepted, while merchants receive fiat currency.
By integrating VET into everyday payments through Oobit, VeChain not only promotes the mass adoption of cryptocurrencies but also encourages users to actively participate in sustainable initiatives. This collaboration reflects a global shift toward ESG principles, especially in regions like Europe, where stringent regulations, such as MiCa, mandate transparency levels achievable only through blockchain technology.