VeChain Foundation has recently filed for a V3TR trademark registration, aiming to enter the $20 trillion payments market. This move is expected to make VeChain ISO 20022 compliant, alongside Ripple, Stellar, and other cryptocurrencies, thereby revolutionizing the global financial system. The filing of the trademark has sparked speculation that VeChain is looking to bridge the gap between the traditional financial system and the crypto industry.
By aligning with global financial communication standards, VeChain could potentially become a major player in the trillion-dollar payment industry, joining the ranks of XRP and XLM. The global payments industry is experiencing rapid growth, with an annual growth rate of 24%, and is projected to reach $20 trillion by 2026. The Boston Consulting Group predicts that the global payments revenue pool will amount to $2.2 trillion by 2027.
Collin Brown, also known as Marcel Knobloch, who is a well-known crypto commentator and the founder of Crypto News Flash (CNF), revealed that the trademark filing could pave the way for partnerships with central banks. The filing covers various financial services categories, including electronic transfer of digital currency, provision of digital currency for online communities, and issuance and redemption of cryptocurrency tokens.
In addition to the trademark filing, VeChain plans to implement Account Abstraction (AA), which will facilitate seamless integration of smart contract wallets into the blockchain technology environment. This will simplify transactions and interactions on the VeChain platform. The VeChain ecosystem’s tokenomics are also under discussion within the community, as concerns have been raised about inflationary pressures and the long-term economic sustainability of the network. These initiatives are aimed at preparing the network for potential mass adoption of cryptocurrencies.
As of 2023, nine cryptocurrencies, including Quant, Ripple, Stellar, Hedera, IOTA, XDC Network, Algorand, Cardano, and Verge, have achieved ISO 20022 compliance. Swift Transaction Manager is expected to be implemented this year to enhance data integrity rules.
This recent development could have a positive impact on VeChain’s performance. At the time of writing, the asset was trading at $0.028888, with a 0.5% surge in the last 24 hours. Over the past seven days, VET has surged by 3.6%, pushing its market cap to $2,098,929,150. Analysts predict that VET could reach a minimum price of $0.063554 and potentially even reach $0.07222 by the end of the year.
In summary, VeChain’s trademark registration and its plans to become ISO 20022 compliant and implement Account Abstraction demonstrate its ambition to become a significant player in the global financial system. With the rapid growth of the payments industry, VeChain is strategically positioning itself to revolutionize the way financial transactions are conducted.