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VeChain: Hotel giant InterContinental adopts MyCare – Binance US adds staking

  • The international conglomerate InterContinental Hotel Group will start using VeChain and DNV GL’s blockchain tool MyCare.
  • Binance US has added support for the staking of VeChain (VET). The rewards will be distributed monthly.

A local medium in China reports that the international conglomerate InterContinental Hotel Group (IHG) will use MyCare based on VeChainThor blockchain. The tool, developed with VeChain and DNV GL, will be used to create health certificates that will be issued to guests and employees. In this way, the conglomerate is trying to reduce the risk of infection from the coronavirus pandemic.

The InterContinental Hotel Group is a true giant in the hotel industry, with approximately 842,700 rooms in its 5,656 hotels in more than 100 countries. IHG owns several brands, including InterContinental, Regent Hotels, Six Senses Hotels, Crowne Plaza, Holiday Inn, Holiday Inn Express, and has reported revenues of approximately $4 billion for 2019.

MyCare is used to document the risk of COVID-19 infection and to manage and securely store the data. The tool uses the VeChain ToolChain Baas platform. According to local news media, certificates issued with MyCare will allow IHG to continue to operate under the strict compliance regulations established during the pandemic. In addition, it was reported that the launch of MyCare was announced during the World AI Conference (WAIC).

The introduction of MyCare is also intended as a response to an initiative by the Shanghai provincial government to promote a more responsible and environmentally friendly community. For this reason, the Shanghai government has begun to introduce blockchain technology into various areas of local life. Most of these applications are aimed at improving people’s health and lives, according to local news media.

Binance US introduces VET staking

Also, yesterday, Binance U.S. announced via its Twitter account that it will support the staking of VeChain‘s VET token. According to the official announcement, the VET staking service has been highly requested by the VeChain community. Binance US listened to the community and announced:

Binance.US will support the distribution of VTHO to TET holders. VTHO will be distributed monthly, but will be calculated based on daily snapshots of each VET user’s balance.

Binance US also reported that to be included within the staking for the VET token, users must have a balance greater than 1 VET. Otherwise, they will be excluded from the daily reward calculations. In addition, the exchange clarified that although VTHO generation will be calculated daily, the distribution of staking rewards will be done monthly, before the 15th of each month. The exchange will start staking as of today, July 11th.

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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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