VeChain to Develop Web3 'Inventory Monetization' System
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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.'
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."
