VeChain Sets Sights on $20 Trillion Payments Market with V3TR Trademark

• VeChain is keen on revolutionizing the payments landscape with its innovative solutions.
• VeChain remains a major pioneer of blockchain-based enterprise innovations.

VeChain (VET), the blockchain platform known for its focus on supply chain management and enterprise solutions, is expanding its scope into the vast payments market with the introduction of its V3TR trademark. As earlier reported by Crypto News Flash, this move signals VeChain’s strategic ambition to tap into the $20 trillion global payments sector.

VeChain Witnesses Incredible Growth

The V3TR trademark represents VeChain’s entry into the payments landscape, leveraging its blockchain technology to provide innovative solutions. The trademark encompasses digital token issuance to blockchain transactions, with VeChain’s growing patent portfolio. This portfolio features innovations like simultaneous transaction processing, highlighting its readiness for large scale commercial use.

It is worth noting that the global payment industry has been projected to reach $20 trillion by 2026 at an annual rate of 24%. Just like Ripple, SWIFT and Stellar Lumens, VeChain aims to capture a lion share of this growth.

Meanwhile, the expansion underscores VeChain’s commitment to diversifying its offerings and exploring new opportunities within the blockchain space. By leveraging the V3TR trademark, VeChain also seeks to introduce novel payment solutions that cater to the needs of businesses and consumers alike.

Financially, VeChain concluded 2023 on a high note, boasting $440 million in assets and a user base of over 3 million unique wallet addresses. Despite price fluctuations, the protocol has seen notable increase in trading volume, indicating robust market engagement and positive expectations for future value.

VeChain Seals Partnership With Renowned Payment Brands

The effort to establish an undeniable presence within the industry was seen in its recent partnership agreement with the leading mobile payment app Oobit. This collaboration saw the supply chain management heavyweight integrating VET into Oobit’s Tap & Pay feature to enable users to utilize it for everyday transactions.

VeChain has, over the years envisioned a future where blockchain and digital assets drive sustainable practices across various industries. To many, this has been the backbone for most of its partnerships and could set it apart from its competitors in the grand goal of dominating the global payments industry.

Per an earlier publication by Crypto News Flash, it was disclosed that the blockchain company has launched the Green Ambasador Challenge as part of the effort to simplify the trading of tokenized assets in a more environmentally sustainable manner. Interestingly, this also aligns it to achieve the net-zero goals as demanded by its collaboration with BCG.

With all of these grabbing the attention of mainstream and retail investors, VeChain has seen its price strongly held by buying pressure to resist the strong broad market pullback.

At press time, VET had lost 2.24% of its value in the last 24 hours to trade at $0.0385.