- VeChain files for a V3TR trademark registration, and could position it to conform with the global financial communication standard.
- The global payments industry is estimated to reach $20 trillion by 2026 with an annual growth rate of 24%.
In a bid to conform to the global financial communication standard, VeChain (VET) has filed for a V3TR trademark registration. The announcement was earlier disclosed by crypto commentator Collin Brown who claimed that the move is an obvious effort to merge the crypto industry to the traditional financial system.
VeChain’s pending trademark is a game-changer! From digital currency transfers to crypto trading, it’s paving the way for ISO 20022 compliance and conquering the trillion-dollar payments market. Plus, central bank partnerships could be on the horizon.
This could also position it to compete with financial giants to have a fair share of the fast-growing global payment industry which is reported to have a 24% annual growth rate. According to reports, this industry could reach $20 trillion by 2026. Separate research by the Boston Consulting Group (BCG) further established that the global payments revenue pool could hit $2.2 trillion by 2027.
The timely move by VeChain could also set it up for groundbreaking partnership deals with Central Banks. According to an excerpt of the application, the registration seeks to cover:
financial services, namely, electronic transfer of digital currency via electronic communications networks and electronic devices; Financial services, namely, providing digital currency in the nature of a digital coin or cryptocurrency for use by members of an online community via a global computer network; Issuance and redemption of digital or cryptocurrency tokens of value…
VeChain Launches Account Abstraction (AA)
According to Collin Brown, VeChain is making a conscious effort to build efficient blockchain Infrastructure for companies across different sectors including finance, healthcare, and supply chain.
Speaking on the expectation of VeChain in 2024, the founder Sunny Lu stated that the year would be a busy one for the entire crypto industry. According to him, the year could witness some progress in crypto regulation coupled with the full impact of the recently approved spot Bitcoin Exchange-Traded Funds. To him, these could pave the way for the mass adoption of crypto and get institutional investors to get involved. Sunny Lu further disclosed that VeChain has over the years focused on building enterprise applications, but the challenges of token utility have in a way slowed down the rate of progress. In this case, the regulatory and the impact of ETFs could address some of these issues.
Another important development to note is that VeChain has announced the launch of Account Abstraction (AA) to cement its position within the blockchain space. This is reportedly meant to introduce programmable smart contract wallets to its platform in a bid to improve security and better user experience.
As of press time, VeChain was trading at $0.044697. In just seven days, the asset has recorded an incredible 52% price surge, positioning its three-month return to 115%. However, VET has a market sentiment of 39/100 and a price decline of 8.04% in the last 24 hours. Analysts have predicted that the asset could hit $0.125152 by December 31, 2024, due to the ripple effects of the Bitcoin halving in April this year.