crypto-news-flash.com
- VeChain filed an application for V3TR earlier this year, covering the electronic transfer of digital currencies via devices and communication networks.
- The trademark positions the network for major central bank partnerships, as it caters to existing digital currencies and any future token at a time of booming tokenisation.
VeChain could become the first global blockchain network to strike partnerships with key central banks globally after filing its V3TR trademark application this year.
As Crypto News Flash reported, the VeChain Foundation filed a patent application with the US Patents and Trademark Office (USPTO).
🚀 #VeChain's pending trademark is a game-changer! From digital currency transfers to crypto trading, it's paving the way for ISO 20022 compliance and conquering the trillion-dollar payments market. 🌐💰
Plus, central bank partnerships could be on the horizon! 🏛️🚀
Learn… pic.twitter.com/K02axI2UZD
— Collin Brown (@CollinBrownXRP) January 14, 2024
V3TR caters to several crypto and digital token areas, allowing the Foundation to provide diverse services at a time when giants like Franklin Templeton and BlackRock are exploring tokenisation. These include the issuance and redemption of digital tokens, offering token exchange services underpinned by blockchain technology and transferring funds electronically.
V3TR also caters to the issuance of digital tokens for community membership in online forums, ensuring that VeChain is the platform for everyone, whether they are conducting a financial transaction or just having fun with their online friends.
While it has a broad application, the critical target is the payments industry. Industry data shows that the industry will be worth $20 trillion over the next two years. However, it’s dominated by the legacy banking industry and financial technology firms. For instance, in China, WeChat Pay and Alipay control 92% of the digital payments market. The dynamics are similar in most markets, where a few companies have a stranglehold.
None of these dominant firms are built on blockchain. With V3TR, VeChain could become the first with an easy-to-use, intuitive, fast and cheap payment method built on the blockchain.
Major Central Bank Partnerships Incoming for VeChain
Eventually, VeChain is set to become a platform that all payments market partners want to work with. After all, the sector always leans towards the most efficient solution with a big enough network effect. When SWIFT launched in 1973, it quickly became the industry standard for messaging between banks because it was easier to use than any other alternative, fast, cheap and supported by several banks.
Central banks have a mandate to ensure the smooth running of their countries’ monetary systems and people’s access to banking services. If VeChain emerges as one of the platforms offering the best solutions, central banks will seek to partner with and build solutions on the VeChain blockchain.
VeChain has already partnered with banks to improve efficiency in the past, such as China’s leading SME financier, Fanghuwang.
VET currently trades at $0.03373 and has traded relatively flat in the past day amid a 4% drop over the past week. The token has failed to capitalise on this year’s bull rally and has dropped 2.4% year-to-date, in stark contrast to its peers like Fantom and Graph, which are up over 65%.