The VeChain Foundation has submitted an application for a trademark in financial services, which could lead to ISO 20022 compliance and the exploration of collaborations with central banks to penetrate the trillion-dollar payments market.
VeChain’s main focus is to develop practical solutions and establish partnerships that promote widespread adoption and add value to its network.
The foundation has filed for a trademark registration for V3TR™, aiming to facilitate collaboration between electronic communications networks, electronic devices, and traditional financial systems. This move could have a significant impact on the ambitious goal of merging the cryptocurrency industry with the traditional financial system.
The application for this trademark was submitted earlier this month, and the news was shared by crypto commentator Collin Brown on the X platform. He emphasized that this pending trademark could be a game-changer, as it opens up opportunities for ISO 20022 compliance and the domination of the trillion-dollar payments market. Brown also speculated that partnerships with central banks might be on the horizon.
The VeChain Foundation now awaits examination by the United States Patent and Trademark Office (USPTO). If approved, the filing outlines the intention to cover various financial services, including electronic transfer of digital currency, providing digital currency for online communities, issuance and redemption of digital or cryptocurrency tokens, currency exchange services, cryptocurrency exchange services, electronic funds transfer services involving digital currencies, and more.
In terms of price performance, VeChain (VET) has experienced a slight decline of less than 1% in the past seven days. Currently, VET is trading at $0.02994 after a 2% drop in the last 24 hours. However, this decrease is part of a broader trend in the crypto market as excitement around ETFs subsides.
According to CoinCodex, VeChain is predicted to have a successful year in 2024, with its token price reaching $0.12 by the end of the year due to increased adoption. However, the platform suggests that VeChain’s all-time high price of $0.28 may not be achieved until at least 2029, disappointing hopes of a breakout year in 2024.
In a recent interview, Sunny Lu, the CEO of VeChain, expressed his optimism about the project and the crypto industry, highlighting 2024 as a milestone year for VeChain’s development.
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