The VeChain Foundation has taken a significant step towards achieving ISO 20022 compliance and expanding into the trillion-dollar payments market by filing for a financial services trademark. This move aims to foster collaborations between electronic communications networks, electronic devices, and traditional financial systems, potentially revolutionizing the cryptocurrency industry.
The trademark application, known as V3TR™, was submitted earlier this month and drew attention from crypto commentator Collin Brown, who shared the exciting news on the X platform. Brown believes that this filing could mark a shift from digital currency transfers to crypto trading, with the potential to dominate the payments market and establish partnerships with central banks.
The VeChain Foundation now awaits examination from the United States Patent and Trademark Office (USPTO). If approved, the registration will cover various financial services, including the electronic transfer of digital currency, the provision of digital currency for online communities, the issuance and redemption of cryptocurrency tokens, currency exchange services, and more.
Currently, the price of VeChain (VET) has experienced a slight decline of less than 1% in the past week, trading at $0.02994 at the time of writing. This drop can be attributed to the general trend in the crypto market as the hype surrounding ETFs diminishes. However, CoinCodex predicts that VeChain will have a successful year in 2024, reaching $0.12 by the end of the year. Despite this positive forecast, the platform believes that VET will not reach its all-time high price of $0.28 until at least 2029.
In a recent interview, Sunny Lu, CEO of VeChain, shared his optimistic outlook on the project and the cryptocurrency industry as a whole, highlighting 2024 as a milestone year for VeChain’s growth.
For more information about VeChain and its developments, interested individuals can refer to the provided links.