It was recently reported that the VeChain Foundation has filed a trademark application for V3TR, which could bring it into line with global financial communications standards. This move will help merge the traditional financial system with the crypto industry. Additionally, it could be VeChain’s explicit goal to join companies like XRP and XLM to comply with ISO 20022. In this case, it could become a major participant in the trillion-dollar payments industry.
The global payments industry is one of the fastest growing sectors with an annual growth rate of 24%. According to reports, this industry could reach $20 trillion by 2026. A new research report from Boston Consulting Group (BCG), titled Global Payments Report 2023, projects that the global payments revenue pool will reach $2.2 trillion by 2027.
In conjunction with its plans to be at the forefront of the digital revolution, VeChain is also looking to implement account abstraction (AA). This is an important element for integration into the blockchain technology environment, as AA offers seamless wallet integration with smart contracts. In this case, transactions and interactions on the VeChain platform will be simplified. At the time of writing, the asset is trading at $0.028888 after growing by 0.5% over the past 24 hours. Over the past seven days, VET is up 3.6%, bringing its market cap to $2,098,929,150.
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