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In recent years, VeChain, which has made a significant breakthrough in the crypto world, now seems set to frequently make its name heard in the payments sector as well. This China-based Blockchain platform has strengthened its claim to leadership in this area by applying for the V3TR commercial trademark in the USA. The development is particularly likely to affect VeChain’s cryptocurrency, VET. Let’s take a closer look at the details of this move.
VeChain Targets a $20 Trillion Payments Market
Payments form the backbone of global trade, which is expected to reach a value of $20 trillion in the coming years. However, it’s a fact that this vast market is dominated by traditional financial institutions. This is where VeChain steps in. By offering a platform where users can issue digital tokens and exchange them with fiat currencies, it aims to become a strong player in the payments field within the crypto world.
VeChain’s move demonstrates the company’s commitment not only to payments but also to promoting innovation across various sectors and spreading Blockchain technology. Operating across a wide range of activities from carbon neutrality to medical services, VeChain is now setting its sights on the leadership position in the payments sector.
The Trademark Covers a Wealth of Services
It’s worth noting that this is just one step forward, as the trademark VeChain has applied for covers a multitude of services. These include operating an online cryptocurrency exchange, ATM banking services for converting fiat currencies to cryptocurrencies and vice versa, cash management, and financial information services. This step shows that the company aims to play an active role not only in payments but also in many areas of financial services.
VeChain’s move is set to not only strengthen the presence of the crypto world in the payment sector but also seems poised to challenge traditional financial institutions. Now, all eyes are on VeChain to see if it can achieve these ambitious goals.
Looking at the daily transaction chart for VeChain’s cryptocurrency VET, it appears to have experienced a slight loss in value, but this does not seem to affect the company’s long-term potential. At the time of writing, the cryptocurrency VeChain (VET) is trading at $0.044. It’s also worth mentioning that the cryptocurrency has seen a 2x increase over the last three months.
