VeChain Foundation and Supply@Me Partner to Develop New Blockchain Inventory Monetisation System
LONDON, June 29, 2022 /PRNewswire/ -- The VeChain Foundation is no stranger to innovation. As pioneer of many blockchain applications that have tangibly benefitted the real economy, the Foundation has a history of solving pain points across a diverse array of industries.
Today, the VeChain Foundation and Supply@ME (SYME); the fintech company behind the unique 'Inventory Monetisation©' platform, announced the signing of a strategic alliance. The outcome will be a first-of-its-kind 'Web3' Inventory Monetisation System that utilizes blockchain, stablecoin and NFT technology to help creditworthy businesses raise value from their inventories and provide companies with entirely new kinds of economic services.
Phase one of the collaboration is already underway, with initial results due by end July 2022. The goal is to develop a proof-of-concept platform able to generate and deliver a blockchain transaction to an Italian company from SYME's client portfolio via the VeChainThor public blockchain.
Following analysis and review of phase 1, the project will move to phase 2 and the development of a full Inventory Monetisation Platform by December 2022. Complete with a full roadmap of Web3 features, including the issuance of Non-Fungible Tokens ("NFT") that represent digital ownership of physical items, B2B marketplaces, decentralized financial applications and an overall governance protocol, the platform promises to unlock brand new capabilities for manufacturing and trading companies
During the second phase, the VeChainThor public blockchain will be utilized to mint the phygital (physical + digital) NFTs, with Inventory Monetisation transactions funded by multiple liquidity providers including crypto asset managers and retail investors, exploring an enhanced commercial non-credit financing model.
The overarching aim of the collaboration is to create an entirely new kind of fintech platform for use by manufacturing and trading companies looking to generate cash flow via a non-credit approach and without incurring debt. The outcome is the creation of a highly unique and novel solution for creditworthy companies to optimize inventory management and improve cash flow.
On this new model, Alessandro Zamboni, CEO of Supply@ME said:
"We are delighted to have reached this important milestone, eagerly anticipated by ourselves and our shareholders, to secure the first inventory monetisation transaction. Given the innovative nature of our product offering, the digital asset world is an ideal provider of funding for our unique asset class. Notwithstanding the recent turbulence in the crypto market, the digital economy will play a crucial role in supporting pioneering businesses like Supply@ME."
"As Supply@ME continues to scale, we are mindful of the evolving nature of the commercial and international trade, whereby digital assets are becoming increasingly popular among investors and have the potential to revolutionise the traditional financial services industry. They can also support and educate it for the future, boosting confidence in investing in new structures such as our Inventory Monetisation transactions. By embarking upon this alliance with the highly respected VeChain, an organisation that is unique in the sustainability and supply chain sector, we are working to ensure the business is future-proof and highly scalable. In parallel, we continue to progress our own traditional funding routes which remains strategic for our business model."
Sunny Lu, CEO of VeChain, said:
"We are always looking to join hands with innovative companies pushing the fore of digital technology. VeChain has demonstrated its ability to dream up, and subsequently deploy innovative ideas and ecosystems that harness the revolutionary power of blockchain. We recognised the same potential in Supply@ME and their novel TradFi-DeFi inventory management service. We look forward to collaborating with them to co-develop these new systems and provide businesses with an entirely new method of raising value from Inventory Monetisation."
The VeChain Foundation continues to pioneer revolutionary new applications of blockchain technology that serve the real economy. In doing so, the VeChainThor public blockchain further cements its prestige and reputation as the go-to solution for enterprises looking to digitize their service offerings via blockchain. With accommodating blockchain regulations unfolding across the globe, VeChainThor stands ever ready to onboard the large volumes of new business that approach the industry, providing efficiency, transparency and generating new value throughout global value chains.
Launched in 2015 as a private consortium network, the VeChain Foundation went on to launch the VeChainThor public blockchain in 2018, a fully programmable, EVM-compatible layer one smart contract platform.
Its unique two-token model ensures stable, low transaction costs while an advanced Proof-of-Authority (PoA) consensus mechanism guarantees high throughput, scalability, and security with minimal energy consumption. VeChainThor's robust architecture has seen zero downtime for the network after almost 4 years of continuous operation.
Strong independent capabilities combined with the professional compliance guidance of strategic partners PwC and DNV has seen VeChain to establish partnerships with leading enterprises including Walmart China, Bayer China, BMW Group, BYD Auto, PICC, H&M Group, Shanghai Gas, LVMH, D.I.G, ASI Group and more.
VeChain continues to pioneer real-world blockchain applications across the globe with offices in Luxembourg, China, Singapore, San Marino, Milan, Ireland, Japan, France, and the United States, working on wide-ranging applications from supply chain & logistics, sustainability & SDGs, carbon emissions, energy, medicine, De-Fi, NFTs and much, much more.
SOURCE VeChain
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