VeChain, a prominent blockchain network, has recently filed a trademark application for V3TR. This application covers the electronic transfer of digital currencies through devices and communication networks. This move positions VeChain to potentially form partnerships with major central banks worldwide, as it caters to existing digital currencies and future tokens in the booming tokenisation era.
If successful, VeChain could become the first global blockchain network to establish collaborations with key central banks. As reported by Crypto News Flash, the VeChain Foundation filed the patent application with the US Patents and Trademark Office (USPTO).
The pending trademark, V3TR, has the potential to revolutionize various aspects of the crypto and digital token industry. It enables the Foundation to offer diverse services, including the issuance and redemption of digital tokens, token exchange services supported by blockchain technology, and electronic fund transfers. Additionally, V3TR facilitates the issuance of digital tokens for community membership in online forums, making VeChain an inclusive platform for all users, whether engaged in financial transactions or simply enjoying online interactions.
While V3TR has wide-ranging applications, its primary focus is the payments industry. According to industry data, this sector is projected to reach a value of $20 trillion in the next two years. However, it is currently dominated by traditional banks and financial technology companies. For example, in China, WeChat Pay and Alipay control 92% of the digital payments market. Similar dynamics are observed in most markets, with a few companies holding a significant market share.
Notably, none of these dominant firms are built on blockchain technology. With the introduction of V3TR, VeChain has the opportunity to become the first blockchain platform offering an intuitive, fast, and cost-effective payment method. This innovation could disrupt the payments industry and challenge the existing players’ dominance.
VeChain aims to become a platform that all players in the payments market want to collaborate with. The sector naturally gravitates towards the most efficient solutions with a strong network effect. Similar to SWIFT, which became the industry standard for messaging between banks due to its user-friendly nature, speed, affordability, and support from multiple banks, VeChain seeks to establish itself as the preferred choice for central banks. These institutions have the responsibility to ensure the smooth functioning of their countries’ monetary systems and provide access to banking services for their citizens. If VeChain proves to offer superior solutions, central banks will be motivated to partner with and build solutions on the VeChain blockchain.
VeChain has already partnered with banks in the past to enhance efficiency, including Fanghuwang, China’s leading SME financier. Currently, VeChain’s token, VET, is trading at $0.03373. While it has remained relatively stable in the past day, it has experienced a 4% decrease over the past week. Unlike its counterparts, Fantom and Graph, which have seen significant gains of over 65% this year, VET has dropped 2.4% year-to-date.
In conclusion, VeChain’s filing of the V3TR trademark application positions the network for potential partnerships with major central banks globally. This move aligns with the increasing trend of tokenisation and offers diverse services in the crypto and digital token space. If successful, VeChain could become a game-changer in the trillion-dollar payments market, challenging the dominance of traditional players and revolutionizing the industry with its blockchain-based payment method.
