VeChain Intensifies Efforts to Capture $20 Trillion Payment Industry with V3TR Filing
VeChain, a leading blockchain company, has recently filed for a V3TR trademark registration, a move that experts believe is strategic in capturing the $20 trillion payment market. This bold move aligns VeChain with global financial communication standards, highlighting its mission to merge the traditional financial system with the crypto industry.
The filing of the V3TR trademark opens up opportunities for groundbreaking partnerships with multinational banks and could potentially lead VeChain to become ISO 20022 compliant. The trademark covers various financial services, including electronic currency transfers, token issuance and redemption, and digital currency provision for online communities.
The global payment industry is projected to reach $20 trillion by 2026, with an annual growth rate of 24%. VeChain, like Ripple, SWIFT, and Stellar Lumens, aims to capture a significant portion of this growth. According to the Boston Consulting Group (BCG), the overall revenue growth of the global payments industry is expected to reach $2.2 trillion by 2027, with a compound annual growth rate (CAGR) of 6.2%.
Yann Sénant, global leader of BCG’s payments and fintech segment, emphasized the potential for transformation in the payments industry and the opportunities it presents to stakeholders like VeChain.
In its efforts to establish a strong presence in the industry, VeChain has formed a partnership with renowned payment brands. One of these collaborations is with the leading mobile payment app, Oobit, where VeChain’s VET has been integrated into Oobit’s Tap & Pay feature, allowing users to utilize it for everyday transactions.
VeChain has always envisioned a future where blockchain and digital assets drive sustainable practices across various industries, setting it apart from its competitors. Its CEO, Sunny Lu, expressed excitement about the partnership with Oobit and emphasized the importance of blockchain technology in making a positive societal impact.
To further its commitment to sustainability, VeChain has launched the Green Ambassador Challenge, aiming to simplify the trading of tokenized assets in an environmentally sustainable manner. This initiative aligns with VeChain’s collaboration with BCG and its net-zero goals.
With its recent developments attracting the attention of mainstream and retail investors, VeChain (VET) has seen strong buying pressure, resisting the broad market pullback. Currently, VET has a positive return of 9% in the last seven days, although it has lost 6% of its value in the last 24 hours, trading at $0.045.
