VeChain Seeks Trademark Registration to Align with Global Financial Communication Standard
VeChain (VET) has taken a significant step towards conforming to the global financial communication standard by filing for a trademark registration for V3TR. This move, which was revealed by crypto commentator Collin Brown, aims to bridge the gap between the crypto industry and the traditional financial system.
The pending trademark for VeChain is expected to be a game-changer, paving the way for ISO 20022 compliance and enabling the platform to penetrate the trillion-dollar payments market. Additionally, this strategic move could position VeChain to compete with established financial giants in the rapidly growing global payments industry, which is projected to experience an annual growth rate of 24%. Industry reports suggest that the global payments market could reach $20 trillion by 2026, with the Boston Consulting Group (BCG) estimating a potential revenue pool of $2.2 trillion by 2027.
VeChain’s timely trademark application also opens up opportunities for groundbreaking partnerships with central banks. The registration seeks to cover various financial services, including electronic transfer of digital currency, provision of digital currency for online communities, and issuance and redemption of digital or cryptocurrency tokens of value.
In addition to the trademark filing, VeChain has recently launched Account Abstraction (AA), a development aimed at bolstering its presence in the blockchain industry. AA introduces programmable smart contract wallets to the VeChain platform, enhancing security and improving user experience.
Looking ahead, VeChain founder Sunny Lu anticipates a busy year for the entire crypto industry in 2024. He predicts progress in crypto regulation and the full impact of approved spot Bitcoin Exchange-Traded Funds, which could lead to mass adoption of cryptocurrencies and increased participation from institutional investors. Sunny Lu also acknowledged that VeChain has focused on building enterprise applications, but challenges related to token utility have slowed down progress. He believes that regulatory advancements and the impact of ETFs will help address these issues.
As of now, VeChain is trading at $0.044697. The asset has witnessed an impressive 52% price surge in the past seven days, resulting in a three-month return of 115%. However, VET currently has a market sentiment of 39/100 and a price decline of 8.04% in the last 24 hours. Analysts predict that VET could reach $0.125152 by December 31, 2024, influenced by the effects of the Bitcoin halving that took place in April this year.
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