VeChain, a prominent blockchain network, has recently filed an application for its V3TR trademark. This trademark covers the electronic transfer of digital currencies through devices and communication networks. The filing of this trademark positions VeChain to potentially form partnerships with major central banks worldwide, as it caters to both existing digital currencies and any future tokens in a time of rapid tokenization.
If successful, VeChain could become the first global blockchain network to establish partnerships with key central banks globally. This significant development was reported by Crypto News Flash, which highlighted VeChain Foundation’s patent application with the US Patents and Trademark Office (USPTO).
The pending V3TR trademark holds immense potential for VeChain, as it opens doors to various crypto and digital token areas. This allows the foundation to offer diverse services, which have become increasingly relevant as industry giants like Franklin Templeton and BlackRock explore tokenization. These services include the issuance and redemption of digital tokens, facilitating token exchange services using blockchain technology, and enabling electronic fund transfers.
Moreover, V3TR also caters to the issuance of digital tokens for community membership in online forums, making VeChain a versatile platform for both financial transactions and recreational purposes.
While V3TR has a broad application, its primary focus is the payments industry. Industry data predicts that this sector will reach a value of $20 trillion within the next two years. However, it is currently dominated by legacy banking institutions and financial technology firms. For example, in China, WeChat Pay and Alipay control a staggering 92% of the digital payments market. Similar dynamics are observed in most markets, where a few companies hold a significant market share.
Notably, none of these dominant firms are built on blockchain technology. With VeChain’s V3TR, the network has the potential to become the first blockchain-based solution in the payments industry. V3TR offers an easy-to-use, intuitive, fast, and cost-effective payment method built on the blockchain.
This development positions VeChain as a platform that all players in the payments market will want to collaborate with. The industry tends to gravitate towards the most efficient solution with a substantial network effect. Just like how SWIFT quickly became the industry standard for messaging between banks in 1973, VeChain’s user-friendly and supported-by-multiple-banks approach can make it the preferred choice for central banks seeking streamlined solutions for their countries’ monetary systems and improved access to banking services.
VeChain has already established partnerships with banks in the past to enhance operational efficiency, such as its collaboration with Fanghuwang, China’s leading SME financier.
As of now, VeChain’s token, VET, trades at $0.03373. It has remained relatively stable over the past day, despite a 4% drop in the past week. However, compared to its peers like Fantom and Graph, which have seen a significant increase of over 65% this year, VET has experienced a decline of 2.4% year-to-date.
In conclusion, VeChain’s filing of the V3TR trademark sets the stage for potential partnerships with major central banks globally. This development positions VeChain as a game-changer in the payments industry, offering an innovative blockchain-based solution that is user-friendly, efficient, and cost-effective. With its diverse range of services and versatile platform, VeChain aims to become the go-to choice for both financial transactions and recreational activities.