The Vechain Foundation has successfully obtained a United States patent for its transaction processing blockchain protocol, marking a significant milestone for the global supply chain management industry. This breakthrough enables the VeChain (VET) ecosystem to enter the US market through a regulated channel, positioning itself as a leading player in the world’s largest economy. The approval of the patent is a game-changer for the blockchain industry, which has faced challenges in navigating the complex regulatory landscape in the US.
Unlike other blockchain companies, VeChain has overcome the hurdles of obtaining approvals from government agencies such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). This achievement sets a precedent for other blockchain firms operating outside the US to apply for patents and ensure sustainable growth prospects in the future.
The approval of VeChain’s US patent is expected to have a positive impact on the value of its assets. With more US-based decentralized finance (DeFi) protocols and exchanges listing VeChain’s assets for trading, the ecosystem is poised for growth. As a network valued at $1.8 billion, with a daily trading volume of over $60 million, VeChain is likely to attract institutional investors and gain the confidence of new crypto investors.
VeChain’s success can be attributed to its strategic partnerships and focus on revolutionizing global supply chain management. By integrating blockchain technology, VeChain has helped enterprises streamline their supply chains and combat counterfeit products. The ecosystem has already secured regulatory licenses in various jurisdictions with clear crypto regulatory frameworks. Additionally, VeChain boasts an impressive portfolio of institutional investors, including renowned companies such as BMW, LVMH, PWC, and Renault Automotive.
The VeChainThor blockchain, the backbone of the VeChain network, has facilitated over 50 million transactions through its 2.3 million active addresses. The company’s quarterly updates reveal a substantial treasury holding of approximately $311 million in stablecoins, Bitcoin, Ether, and VET. VeChain takes pride in its VORJ platform, a web3-as-a-service that aims to democratize blockchain technology.
Overall, the approval of VeChain’s US patent signifies a new era for the blockchain industry and paves the way for future growth and innovation.