VeChain Seeks Trademark Registration to Comply with Global Financial Standards
VeChain (VET) has taken a significant step towards aligning with global financial communication standards by filing for a trademark registration for V3TR. The move, seen as an effort to bridge the gap between the crypto industry and traditional finance, was revealed by crypto commentator Collin Brown.
The pending trademark for VeChain has the potential to revolutionize various aspects of the crypto ecosystem, including digital currency transfers and crypto trading. By achieving compliance with ISO 20022, VeChain is positioning itself to tap into the trillion-dollar payments market. Additionally, this move could potentially lead to partnerships with central banks.
Moreover, VeChain’s strategic move could enable it to compete with major financial players in the rapidly growing global payments industry, which is projected to have an annual growth rate of 24% and reach a value of $20 trillion by 2026. A separate study conducted by the Boston Consulting Group (BCG) suggests that the global payments revenue pool could reach $2.2 trillion by 2027.
VeChain’s timely action may also open doors for groundbreaking collaborations with central banks. The trademark registration application covers various financial services, such as electronic transfer of digital currency, provision of digital currency for online communities, and issuance and redemption of digital or cryptocurrency tokens.
In addition to this milestone, VeChain has recently launched Account Abstraction (AA), which aims to enhance its position in the blockchain space. AA introduces programmable smart contract wallets to the VeChain platform, improving security and user experience.
Looking ahead, VeChain founder Sunny Lu believes that 2024 will be a pivotal year for the entire crypto industry. He anticipates progress in crypto regulation and the full impact of approved spot Bitcoin Exchange-Traded Funds, which could drive mass adoption and attract institutional investors. Sunny Lu also acknowledged that while VeChain has focused on building enterprise applications, token utility challenges have slowed progress. He believes that regulatory advancements and the impact of ETFs could address these issues.
As of now, VeChain is trading at $0.044697, with a remarkable 52% price surge in the past seven days, resulting in a three-month return of 115%. However, the asset has a market sentiment of 39/100 and has experienced an 8.04% price decline in the last 24 hours. Analysts predict that the asset could reach $0.125152 by December 31, 2024, influenced by the effects of the Bitcoin halving in April of this year.
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