VeChain, a leading blockchain platform, has recently applied for a V3TR trademark in the US as part of its efforts to dominate the payments market, which is expected to reach a value of $20 trillion within the next two years.
By obtaining this trademark, VeChain will be able to offer users a secure blockchain platform where they can issue digital tokens and easily trade them for fiat currency. This move comes as payments continue to be a crucial aspect of global commerce, with the sector projected to grow at a rate of 24% annually, according to financial services firm Aperture based in Geneva. While legacy financial institutions have traditionally dominated this industry, VeChain aims to introduce cryptocurrency and establish its presence in the payment processing sector through this trademark application.
VeChain has long been at the forefront of blockchain innovation, whether it be in areas such as carbon neutrality or medical services. Now, the focus is on payments, as evidenced by the trademark application filed with the USPTO. This showcases the VeChain Foundation’s ambitious goal of providing users with a secure, cost-effective, and convenient payment option.
The trademark includes provisions for various services, including operating and managing an online digital currency exchange, ATM banking services for exchanging fiat and cryptocurrency, cash management services, issuance and redemption of crypto tokens, and financial information services, among others.
When cryptocurrencies first gained popularity, payments were seen as the obvious use case that would drive the sector’s success. However, crypto has largely failed to deliver on this front, with most blockchain networks suffering from high fees, slow transaction speeds, and inefficiencies. This failure of blockchain networks to conquer the payments market is puzzling, considering the challenges that traditional payment systems still face and the potential for growth in this sector. For example, studies show that more than half of Americans now prefer digital payments over traditional methods, and the World Bank reports that two-thirds of adults rely on digital payments.
VeChain could be the frontrunner in addressing these challenges and capturing the payments market. The network offers transaction efficiency capable of supporting thousands of transactions per second at competitive fees. In fact, VeChainThor can process as many transactions as Visa and even surpass Mastercard. However, VeChain’s capabilities extend beyond payments, as the platform has solutions for various sectors. Its focus on sustainability has particularly set it apart, with the upcoming launch of a sustainability ecosystem on the VeChainThor blockchain. This solidifies VeChain’s position as a leader in the blockchain space, driving both innovation and sustainability.
Currently, VeChain’s native token, VET, is trading at $0.04363, experiencing a 2.61% decrease in value over the past day.
In conclusion, VeChain’s application for the V3TR trademark in the US demonstrates its determination to lead the blockchain revolution in the payments market, which is projected to be worth $20 trillion in the near future. With its transaction efficiency, low fees, and diverse solutions for various sectors, VeChain has the potential to become a dominant player in the payments industry.