IN BRIEF: Supply@Me wins up to $10 million in funding from VeChain

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Supply@Me Capital PLC - London-based inventory monetisation platform - Signs a strategic alliance with the VeChain Foundation, a blockchain enterprise service provider, to provide up to $10 million of funding for its first inventory monetisation transactions.

The aim of the agreement is to create a Web3 environment that will allow ‘direct participation in the inventory monetisation journey combining traditional finance with the blockchain space,’ Supply@Me explains. Web3 is an idea for a new iteration of the web based on blockchain technology. A proof-of-concept transaction will be executed in July. After this, the company will build up an ‘inventory monetisation platform 3.0’ by the end of December.

Chief Executive Alessandro Zamboni says: ‘As Supply@Me continues to scale, we are mindful of the evolving nature of the commercial and international trade, whereby digital assets are becoming increasingly popular among investors and have the potential to revolutionise the traditional financial services industry... By embarking upon this alliance with the highly respected VeChain, an organisation that is unique in the sustainability and supply chain sector, we are working to ensure the business is future-proof and highly scalable.’

Current stock price: 0.083 pence, up 3.8% in London on Tuesday

12-month change: down 79%

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