VeChain (VET) Partners with Supply ME Capital to Launch a Web3 Inventory Monetization System This Year.
Leading blockchain project VeChain Foundation has announced a strategic partnership with Supply@ME Capital plc as part of an effort to develop a Web3 Inventory Monetization System.
VeChain noted in an announcement that the initiative would utilize stablecoins, blockchain, and non-fungible token technology to aid credit-worthy businesses and enable them to raise capital for their day-to-day operations.
“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.”
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
The System Will Roll Out in December
The collaboration has been broken down into two important phases. Notably, the first stage of the partnership has already commenced, and it is expected to end by the end of next month.
Under this first phase, a proof-of-concept platform will be developed, and it will be able to complete blockchain transactions from Supply@ME clients’ portfolios to Italian-based companies using the VeChainThor blockchain.
Upon completion of the first phase, the necessary analysis and review will be done to ensure everything is implemented according to plans. The second stage of the partnership will commence immediately and span until December 2022.
During this phase, the full inventory monetization platform should be ready on or before December 2022. The platform will be equipped with complete Web3 features, including non-fungible tokens, decentralized applications (dApps), B2B marketplaces, etc.
Furthermore, the VeChainThor network will be adopted to mint various digital collectibles in the second phase. At the same time, the Inventory Monetization Platform transactions will be funded by multiple liquidity providers, including retail investors and crypto asset managers.
“We are delighted to have reached this important milestone, eagerly anticipated by ourselves and our shareholders, to secure the first Inventory Monetization transaction. Given the innovative nature of our product offering, the digital asset world is an ideal provider of funding for our unique asset class,” Alessandro Zamboni, CEO of Supply@ME, said.
Aim of the Collaboration
The main vision of the partnership is to establish a new fintech platform that will be adopted by manufacturing and trading companies that seek to obtain cash flows through a non-credit method without incurring debt.
Commenting on the development, Sunny Lu, CEO of VeChain, said the blockchain company is always looking forward to collaborating with innovative firms like Supply@ME that foster the development 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 Monetisation,” Lu said.
The development came a few weeks after VeChain announced its first-ever sports partnership with UFC.