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- VeChain and SYME’s Inventory Monetization Platform completed the first successful transaction.
- The platform is poised to help SMEs unlock massive debt-free capital using their inventory.
VeChain blockchain continues making headway into providing supply chain management solutions through the use of distributed ledger technology. VeChain has facilitated the first transaction on Supply@ME Capital Plc’s (SYME) Inventory Monetisation Platform.
According to a tweet shared by VeChain supporter ‘PERE_Mainz’, the platform is poised to take over the trillion-dollar inventory monetization market. He notes that the platform already has a steady pipeline of new clients referring to a LinkedIn post shared by London-based investment management firm Fintech Investor.
#Vechain x Supply@Me Capital
”The Inventory Monetisation Fintech Platform has already successfully completed their first transactions thanks to their partnership with VeChain Foundation and have a steady pipeline of new clients.”👏👀$VET #Funding #fintech #VeChainHasNFTs pic.twitter.com/Z33xy1b5qc
— Sebastian_ROK Ⓥ 🇩🇪 (@PERE_Mainz) December 28, 2022
He also revealed that SYME’s inventory monetization platform is one of the first “true sale” inventory monetization services. The platform essentially allows companies to release cash from the value of inventory in warehouses and in transit. And also do so without debt, a proposition that makes it “a truly new asset class.”
True sale is a term known as the sale of a receivable in a way that the receivable is protected from claims against the seller’s assets. This is especially useful in the event of the seller’s insolvency. The concept offers a better alternative to invoice factoring inventory monetization services offered by some other platforms.
VeChain aims for “slow, steady, and then all-at-once” Web 3.0 growth in 2023
He also added that SYME’s inventory monetization platform will be a game changer for small and medium-scale enterprises (SMEs) in 2023. This is especially as the World Trade Organization (WTO) maintains that access to credit and cash flow issues are having a negative impact on the growth of global trade.
Notably, the first transaction on the platform was conducted back in December. It involved the minting of a non-fungible token (NFT) worth 1.5 million euros (around $1.6 million). The NFT represented the actual inventory of an unnamed Italian automobile company.
The Inventory Monetization Platform is set to see massive improvements in 2023 through the concerted efforts of the VeChain Foundation and SYME. The partners recently announced that the project has entered ‘Phase Two’ of development.
The phase will involve the creation of “Inventory Monetization Platform 3.0.” The new iteration of the platform will bring additional Web 3.0 features such as digital ownership, B2B marketplaces, issuance of NFTs, DeFi, and governance protocols to the platform.
The platform is only one of the projects VeChain carried out in 2023 to drive mainstream Web 3.0 adoption. According to VeChain Foundation CEO Sunny Lu, the network has been building something truly groundbreaking over the past years. He wrote in a blog post;
Slowly, quietly, then all-of-a-sudden. This is the nature of progress… We’ve always been focused on the future, and we continue marching towards a blockchain-powered reality,
Lu also promised more high-profile announcements in the next few months that could “solidify and positively shape” the Web 3 industry.