This strategic move positions VeChain to compete in the expanding payment sector, potentially forging partnerships with central banks.
VeChain (VET), to adhere to the worldwide financial communication standard, has applied to register the V3TR trademark. Collin Brown, a cryptocurrency commentator, previously disclosed the announcement and characterized it as a transparent attempt to integrate the cryptocurrency sector with the conventional financial system.
This could potentially enable it to contend with prominent financial institutions for a portion of the rapidly expanding worldwide payment sector, which is estimated to grow at a rate of 24% per year.
According to reports, this sector may reach a valuation of $20 trillion by the year 2026.
Additionally, Boston Consulting Group (BCG) research independently determined that the worldwide payments revenue aggregate may reach $2.2 trillion by 2027.
Additionally, VeChain’s opportune action may position the company for revolutionary partnership agreements with central banks.
As per a portion of the application, the registration aims to encompass the following: financial services, specifically facilitating the electronic transfer of digital currency through electronic communications networks and electronic devices; financial services, specifically enabling the provision of digital currency in the form of a digital coin or cryptocurrency to online community members via a global computer network; and financial services, namely those mentioned above.
Collin Brown asserts that VeChain is deliberately striving to establish an adequate blockchain infrastructure that caters to the needs of organizations operating in diverse industries, such as finance, healthcare, and supply chain.
Regarding the status of VeChain in 2024, its inventor, Sunny Lu, predicted that the entire cryptocurrency industry would be highly active.
According to his assessment, the year may witness advancements in cryptocurrency regulation and the complete implementation of the recently authorized spot Bitcoin exchange-traded funds.
He believed that this could facilitate institutional investment and spark widespread cryptocurrency adoption.
Market Outlook and Price Projection for VeChain
Additionally, Sunny Lu revealed that VeChain has spent the majority of its time developing enterprise applications over the years; however, the difficulties associated with token utility have delayed progress somewhat. The regulatory and impact implications of ETFs may provide some resolution to these concerns.
An additional noteworthy advancement is that VeChain has declared the introduction of Account Abstraction (AA), which serves to solidify its standing in blockchain technology.
This is reportedly an effort to enhance the security and user experience of the platform by integrating programmable smart contract wallets.
The price of VeChain at the time of publication was $0.044697. The asset has experienced an extraordinary 52% price increase in seven days, elevating its three-month return to 115%.
In the last twenty-four hours, VET has experienced a price decline of 8.04% and a market sentiment of 39/100. The asset’s value could reach $0.125152 by December 31, 2024, as a result of the repercussions of Bitcoin’s halving in April of this year, as predicted by analysts.