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VeChain goes mainstream with OceanEx integration

  • OceanEx Pay enables payments with VeChain (VET) for merchants who integrate its plug-in.
  • OceanEx Pay will enable payments with over 50 cryptocurrencies including many from the VeChain ecosystem.

In a publication by Medium is reported, that OceanEx exchange launches its new payment system OceanEx Pay. Through the product, merchants worldwide will be able to use the new plugin to “use OceanEx as an escrow service and accept payments in cryptocurrencies“. The VeChain Foundation welcomed the announcement, VET and other VeChain ecosystem tokens, such as OCE and SHA, will be available in the payment system. The VeChain Foundation stated the following:

Congratulations to OceanEx for their new product launch OceanEx Pay! Merchants can now choose to integrate their plugin to accept cryptocurrency tokens such as $VET, $VTHO, and more as a payment method.

The OceanEx product promises to be a game-changer for traders who activate its features. This is because OceanEx Pay offers its users the opportunity to connect “directly” to the product’s services, they only need to register and obtain an OceanEx account or use one they have already created. The exchange claims that their product is intended to meet the demand for crypto-based payments. OceanEx called this sector a “Blue Ocean”, that is a part of the industry with great potential that has been little explored by companies. The exchange states:

We spot this potential market and take on this payment challenge to develop OceanEx Pay, to provide the crypto payments service with secure custodian, multi-currency support and anti-money laundry.

VeChain and OceanEx change payment paradigm with cryptocurrencies

According to the publication in Medium, merchants who integrate OceanEx Pay will have access to the OceanVault. This custody service will allow them to secure their funds in cryptocurrencies for safekeeping on behalf of the business or exchange. Users will be able to use OceanEx Pay with 50 cryptocurrencies as a payment option.

The product offered by the exchange, according to the publication, allows merchants to have access to “flexible payments that can be interchanged between customers in any type of currency supported by OceanEx”. Additionally, the exchange offers merchants using OceanEx Pay protection against transactions associated with “harmful” crypto addresses. In other words, addresses associated with crime or money laundering:

Merchants can access OceanEx Pay via API to receive payments in cryptocurrency conveniently from payment orders. OceanEx Pay offers crowdsourcing based API service that verifies safety of crypto addresses, notifying businesses of potential scam and hack activities of addresses.

The exchange makes it clear that access to OceanPay via the API is instantaneous. Therefore, merchants will be able to trade more quickly and will be able to “access the global marketplace,”. Merchants will be able to benefit from OceanEx Pay services without paying additional fees for transactions. OceanEx will only charge withdrawal fees according to the platform’s fee policy.

At the time of publication, the minimum withdrawal fee is 200 VET and the minimum deposit fee is 150 VET. You can access the rest of OceanEx’s pricing and tariff policy at the following link. OceanEx summarizes the services offered by OceanEx Pay in the image below.

VeChain VET

Source: https://medium.com/@OceanEx/oceanex-launches-oceanex-pay-6011c38b1b28

The report says that the VeChain ecosystem and its users will be “empowered” in the future by OceanEx’s contributions. The exchange adds, that the addition of OceanEx Pay will become a use case for VETs, OCE, and all tokens on VeChain’s ecosystem. More details on how you can integrate OceanEx Pay can be found at the following link.

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Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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