Business
Strategic Alliance with VeChain Foundation
Strategic Alliance with VeChain Foundation.
About this update from Supply@me Capital Plc
[{"type":"text","content":"\n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU, WHICH IS PART OF UNITED KINGDOM DOMESTIC LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) (\"UK MAR\"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n \n \n \n \n \n \n \n \n 21 December 2022\n \n \n \n \n \n \n \n \n \n Supply@ME Capital plc\n \n \n \n (the \"\n Company\n \" or \"\n SYME\n \")\n \n \n \n Strategic Alliance with VeChain Foundation\n \n \n \n \n Web3 stream updates\n \n \n \n SYME, the fintech business which provides an innovative fintech platform (the \"Platform\") for use by manufacturing and trading companies to access Inventory Monetisation© (\"IM\") solutions enabling their businesses to generate cashflow, is pleased to update the market regarding the strategic alliance (the \"Agreement\") with the VeChain Foundation[1] (\"VeChain\"), a blockchain enterprise service provider focused on supply chain and sustainability, and the \"Web3\"[2] stream.\n \n \n \n Background\n \n \n \n On 28 June 2022, the Company announced its entry into the Agreement with VeChain, pursuant to which the parties began to create the Web3 stream with the intention of funding up to US$10 million of IM transactions, leveraging the minting of dedicated non-fungible tokens (\"NFTs\") to be directly subscribed for by VeChain.\n \n \n The Agreement has two phases, both in terms of investment opportunities and technology development.\n \n \n Phase One comprised the inaugural IM transaction, providing a proof-of-concept, which was successfully executed on 12 September 2022.\n \n \n Following the completion of the inaugural IM transaction, the Agreement envisaged the commencement of Phase Two including an assessment of the innovative process designed to link digital assets to the real economy.\n \n \n \n Inaugural IM transaction: update\n \n \n \n The total value of the initial warehoused goods monetised was approximately €1.6 million.\n \n \n The counterparty in the inaugural IM transaction is a well-established business with significant market presence in Europe (predominantly in Italy), Africa and the United States (the \"Client Company\"). The Client Company is involved in the design and man...