The global payments industry is a behemoth, poised to reach a staggering $20 trillion by 2026, driven by a 24% annual growth rate. VeChain, a blockchain platform known for its enterprise-grade solutions, is hungry for a slice of this pie, and its recent trademark filing signals a bold move towards becoming a major player in the electronic payments, digital token, and beyond.
VeChain’s V3TR Trademark
The VeChain Foundation recently filed a patent application with the US Patents and Trademark Office (USPTO). Known as V3TR, the trademark will cover the electronic transfer of digital currency via electronic devices and communications networks. Some of the services it will cater to include digital token issuance and redemption, blockchain-powered crypto exchange services and electronic funds transfer services. The trademark also covers the provision of a digital token for use by members of an online community.
Other areas the trademark covers include:
- Digital currency, digital coin and digital token acquisition, sale, transfer, and trading services;
- Provision of prepaid cryptocurrency tokens, namely, processing electronic payments made through prepaid purchase tokens;
- Financial information services, namely, providing financial information through identifiers in the form of symbols for a digital or cryptocurrency token listed on a cryptocurrency exchange.
The patent adds to others that the VeChain Foundation has obtained in the US in recent months. In October, it was granted one that allows it to process multiple transactions simultaneously, setting it up for seamless adoption in commercial and financial settings.
By themselves, these patents may not mean much. However, with its target being to become an enterprise blockchain network used by the most prominent players in finance, supply chain management, governance, healthcare and other sectors, these patents allow its technology to adapt to any setting and requirement.
VeChain’s patent spree is no coincidence.
In October, they secured a patent enabling simultaneous transaction processing, paving the way for seamless integration into commercial and financial settings. These strategic acquisitions showcase VeChain’s commitment to adaptability and cater to the diverse needs of potential partners.
For years, VeChain has adopted a slow and steady approach, focusing on building a robust and scalable blockchain network while others chased short-term price gains. While this resulted in a relatively muted price performance for their VET token compared to some rivals, it also allowed them to refine their technology to a superior level.
Will VeChain’s patience finally pay off.
Founder Sunny Lu predicts a shift in focus from price speculation to integrating token utility into enterprise blockchain systems. This aligns perfectly with VeChain’s strengths and V3TR’s capabilities, making them prime candidates for partnerships with central banks and other financial institutions seeking secure and efficient digital solutions.
Overall, VeChain’s bold trademark move is not just about entering the payments game; it’s about positioning itself as a trusted partner for central banks and other financial institutions. With their superior technology, strategic patent acquisitions, and long-term vision, VeChain is well-poised to ride the wave of the digital payments revolution and become a dominant force in the years to come.
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