VeChain, a prominent cryptocurrency, has taken a significant step in conforming to global financial communication standards by filing for a trademark registration for V3TR. This move, which aims to merge the crypto industry with the traditional financial system, was revealed by crypto commentator Collin Brown. If successful, VeChain’s pending trademark could have a transformative impact on the trillion-dollar payments market and pave the way for ISO 20022 compliance.
With the global payments industry projected to reach $20 trillion by 2026 and experiencing an annual growth rate of 24%, VeChain’s strategic move positions it to compete with established financial giants. Reports suggest that the global payments revenue pool could even reach $2.2 trillion by 2027, further emphasizing the potential opportunities for VeChain in this sector.
Moreover, VeChain’s trademark registration could open doors for groundbreaking partnerships with Central Banks. The registration application covers financial services related to electronic transfer of digital currency, issuance and redemption of digital or cryptocurrency tokens, and more.
VeChain is also making strides in building efficient blockchain infrastructure for various industries, including finance, healthcare, and supply chain. Speaking about the future, founder Sunny Lu anticipates significant progress in crypto regulation and the impact of approved spot Bitcoin Exchange-Traded Funds in 2024. These developments could drive mass adoption of cryptocurrencies and attract institutional investors. Additionally, VeChain aims to overcome challenges related to token utility by leveraging regulatory changes and the influence of ETFs.
In another significant development, VeChain has announced the launch of Account Abstraction (AA) to enhance its position in the blockchain space. AA introduces programmable smart contract wallets to VeChain’s platform, aiming to improve security and user experience.
Currently, VeChain is trading at $0.044697, with an impressive 52% price surge in the past seven days and a three-month return of 115%. However, the asset’s market sentiment stands at 39/100, and it has experienced an 8.04% price decline in the last 24 hours. Analysts predict that VeChain’s price could reach $0.125152 by December 31, 2024, influenced by the effects of the Bitcoin halving in April of this year.
VeChain’s continuous efforts to establish itself as a key player in the crypto industry make it an intriguing investment option for those interested in the potential of this evolving market.