VeChain, a leading blockchain platform, has recently applied for a trademark in the US as part of its ongoing efforts to dominate the payments market, which is projected to reach $20 trillion within the next two years.
The trademark will enable VeChain to provide users with a blockchain platform that allows the issuance and trading of digital tokens for fiat currency. Payments are a crucial aspect of global commerce, and according to Aperture, a financial services firm based in Geneva, the sector is expected to grow at an annual rate of 24% and reach a value of $20 trillion by 2026. Traditionally, legacy financial institutions have been the main players in this industry. However, VeChain aims to disrupt this dominance and make its mark in payment processing through its trademark application.
VeChain has been a pioneer in pushing blockchain innovation, whether it be in carbon neutrality initiatives or in the field of medical services. Now, with its focus on payments, the VeChain Foundation aims to offer users a secure, affordable, and convenient payment option. The trademark application filed with the USPTO reflects the foundation’s ambitious plans, which include operating an online digital currency exchange, ATM banking services for fiat-to-crypto exchanges, cash management services, issuance and redemption of crypto tokens, and financial information services.
The payments market has always been considered a promising avenue for crypto, but so far, the sector has faced significant challenges. Blockchain networks have struggled with high fees, slow transactions, and overall inefficiency. This is surprising considering that blockchain technology could potentially solve many of the problems faced by traditional payment systems, such as inaccessibility and high fees. Moreover, the payments industry continues to grow, indicating that any blockchain network that can establish even a small foothold early on will have significant potential in the future. Research shows that a majority of Americans now prefer digital payments over traditional methods, and the World Bank reports that two out of three adults rely on digital payments.
VeChain has the potential to become a frontrunner in the payments sector. The network boasts transaction efficiency that can handle thousands of transactions per second at extremely low fees. This positions VeChainThor to support applications that can process as many transactions as Visa, if not more than Mastercard.
However, VeChain is not solely focused on payments. The platform has solutions for various other sectors as well. Its efforts in sustainability have been particularly noteworthy, with Reflexivity Research highlighting that the upcoming launch of a sustainability ecosystem on the VeChainThor blockchain will further solidify VeChain’s position as a leader in the blockchain space, driving innovation and sustainability together.
Currently, VeChain’s native token, VET, is trading at $0.04363, experiencing a 2.61% decline in the past day.