- It was recently reported that VeChain Foundation has filed for a V3TR trademark registration to be a contender for the $20 trillion payments market.
- This is also said to make it ISO 20022 compliant, joining the likes of Ripple Stellar and other cryptos to revolutionize the global financial system.
It was recently reported that VeChain Foundation has filed for a V3TR trademark registration that could position it to align with global financial communication standards. The news, which was initially broken by crypto commentator and the founder of Crypto News Flash (CNF) Collin Brown, is believed to be a game-changing move that could merge the traditional financial system with the crypto industry.
It is also reported that this could be a clear ambition of VeChain joining the likes of XRP and XLM to become ISO 20022 compliant. In this case, it could be a major participant in the trillion-dollar payment 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 by Boston Consulting Group (BCG) titled “Global Payments Report 2023” also projects the global payments revenue pool to reach $2.2 trillion by 2027.
Through this trademark filing, Collin Brown, also known as Marcel Knobloch, disclosed that central bank partnerships could be in the pipeline. A portion of the filing shows that the registration is meant to:
Cover the categories of 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 on-line community via a global computer network; Issuance and redemption of digital or cryptocurrency tokens of value;
VeChain to Implement Account Abstraction
Coupled with its plans to be at the forefront of the digital revolution, VeChain also seeks to implement Account Abstraction (AA). This is very important in fitting well into the blockchain technology environment, as AA offers seamless Integration of smart contract wallet. In this case, transactions and interactions on the VeChain platform are simplified.
Also, the tokenomics of the VeChain ecosystem is reportedly to be under serious discussion within the community. Concerns have been raised on inflationary pressures about the VTHO token, as well as the effects on the long-term economic sustainability of the network. Key figures in the community have explained that these initiatives are to prepare the network for the potential mass adoption of cryptos which could become a reality.
As of 2023, nine cryptos including Quant, Ripple, Stellar, Hedera, IOTA, XDC Network, Algorand, Cardano, and Verge were ISO 20022 compliant. This year, Swift Transaction Manager is expected to be implemented to enhance data integrity rules.
The latest development could also position VET for an interesting run. As of press time, the asset was trading at $0.028888 after surging by 0.5% in the last 24 hours. In addition to the daily run, VET had surged by 3.6% in the last seven days, sending its market cap to $2,098,929,150. According to analysts, VET could reach a minimum price of $0.063554, and even proceed to $0.07222 before the year ends.