VeChain Sets Sights on $20 Trillion Payments Market with New Trademarks

• Recent trademark filings and partnerships position VeChain as a piece of the lucrative global payments industry.
• Despite current price volatility, VeChain’s diverse applications in finance, supply chain, and healthcare suggest potential for long-term growth.

VeChain has been making substantial moves, aiming to solidify its position as a formidable player in the electronic payments and digital token issuance markets. VeChain is taking a direct shot at the lucrative global payments industry, which is positioned to cross $20 trillion by 2026.

As a testament to its unwavering commitment to reaching its potential. The VeChain Foundation recently unveiled the V3TR trademark after filing a patent application with the US Patents and Trademark Office (USPTO). Approved, the trademark will cover the electronic transfer of digital currency via electronic devices and communications networks. 

Adding to its growing list of strategic patents, the VeChain Foundation also introduced the VOT3 and B3TR trademarks in late January, both of which are currently pending review. “VOT3” is designed to enhance the efficiency of electronic transfers and digital currency exchanges, while “B3TR” extends VeChain’s financial service offerings to include cryptocurrency tokens. 

Beyond these trademarks, VeChain has also secured a US patent that merges Internet of Things (IoT) devices with blockchain technology, enhancing the accuracy and security of transportation data documentation. 

Vechain’s Broader Vision for Blockchain Adoption

Vechain’s goals go beyond the financial markets and expand to also cater to other sectors like the supply chain and healthcare. This has been witnessed in the numerous strategic partnerships that continue to be forged by the Vechain network.

Furthermore, the patents and partnerships put VeChain at an advantage as the blockchain of choice for partnering with central banks, most of which are already on the path to establishing secure digital solutions for their clients. 

As CNF reported, VeChain has expanded the boundaries of enterprise innovation with its strategic collaborations over the years. Kuehne & Nagel, PwC, and the Renault Group remain its biggest partners to date.

Market reports show that the global financial payments market has been experiencing a steady 24% growth. This can be attributed to the increased demand for fast and real-time fund transfers, the increase in the use of digital banking services, and strong economic growth in emerging markets.

VeChain (VET) Market Outlook

At the time of writing, VeChain (VET) is trading at $0.0302, holding its ground with a 24-hour volume of $48.69 million. This marks a slight gain of 1.90% over the past day. With a circulating supply of 72.71 billion VET and a maximum of 86.71 billion, VET ranks 44th by market cap.

Today’s price fluctuated between $0.0309 and $0.0296, hinting at potential volatility. Despite the current market climate, VET’s ongoing adoption of supply chain management could fuel future growth.