VeChain To Develop Web3 ‘Inventory Monetization’ System

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Blockchain enterprise service provider VeChain Foundation has signed a strategic alliance with London-based inventory monetization platform Supply@Me Capital to fund the first-of-its-kind ‘Web3’ Inventory Monetization System using blockchain, stablecoin, and NFT technology. Web3-Based Inventory Monetization System According to an official press release, VeChain Foundation has teamed up with Supply@Me to create a Web3 environment that will allow ‘direct participation in the inventory monetization journey combining traditional finance with the blockchain space.’ The #VeChain Foundation is proud to pioneer cutting edge #blockchain applications. In our strategic alliance with @SupplyMECapital, we're building a new kind of 'Inventory Monetization' system, uniting #NFT technology, #Stablecoins & #Web3.https://t.co/zZ3460cyri $VET #crypto pic.twitter.com/Cb6flkGMkn — VeChain Foundation (@vechainofficial) June 28, 2022 VeChain has committed to directly subscribe to up to $10 million of non-fungible token-based Inventory Monetization transactions, of which roughly $1.5 million is immediately available to fund the first transaction. The first transaction will be carried out by the end of July. The goal is to develop a proof-of-concept platform to be able to generate and deliver a blockchain transaction to an Italian company from SYME’s client portfolio via the VeChainThor public blockchain. Commenting on the development, Sunny Lu, CEO of VeChain, said: “We’re always looking to join hands with innovative companies pushing the fore of digital technology. We recognized the same potential in Supply@ME and their novel tradFi-Defi inventory management service. We look forward to working with them to co-develop these new systems and provide businesses with an entirely new method of raising value from Inventory Monetization.” Second Phase A second phase includes the building of an ‘Inventory Monetization Platform 3.0’, with other ‘Web3’ features, including the “issuance of NFTs, digital ownership and B2B marketplaces, decentralized finance (DEFI), and, overall, a governance protocol.” SYME expects to complete the second phase by the end of December 2022, with Inventory Monetization transactions also funded by “further multiple liquidity providers.”

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Time Stamp: June 29, 2022