VeChain’s Trademark Move: Paving the Way for Central Bank Collaborations

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  • The VeChain Foundation has filed for a financial services trademark paving the way for ISO 20022 compliance and conquering the trillion-dollar payments market through central bank collaborations.
  • VeChain is focused on creating real-world solutions and seeks to create collaborations that help promote mass adoption and bring greater value to the network.

The VeChain Foundation has filed for a  V3TR™ trademark registration that seeks to pave the way for electronic communications networks and electronic devices to collaborate with traditional financial systems. The U.S. filing could be a game-changer in the ambitious plans to fuse the traditional financial system and the cryptocurrency industry.

This pending trademark was filed earlier this month with crypto commentator Collin Brown sharing the exciting news on the X platform.

The analyst notes that the filing will mark a shift from digital currency transfers to crypto trading, paving the way for ISO 20022 compliance and conquering the trillion-dollar payments market. He further speculates that central bank partnerships could be on the horizon.

The VeChain Foundation now awaits examination from the United States Patent and Trademark Office (USPTO). If approved, the filing notes that the registration is intended “to cover the categories of financial services, namely, electronic transfer of digital currency via electronic communications networks and electronic devices; Financial services, namely, providing digital currency in the nature of a digital coin or cryptocurrency for use by members of an on-line community via a global computer network; Issuance and redemption of digital or cryptocurrency tokens of value; Currency exchange services; Cryptocurrency exchange services featuring blockchain technology; Electronic funds transfer services involving digital currencies, digital coins and digital tokens, and cryptocurrencies; 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.”

VeChain (VET) Price Stalls

VET has stalled recently with a marginal drop of less than 1% in the last 7 days. At the time of press, VET is trading at $0.02994 after a 2% drop in the last 24 hours. However, this drop is part of a wider trend in the crypto market as ETF hype fades.

As CNF recently reported, According to CoinCodex, VeChain will have a better year in 2024 and will hit $0.12 before the end of the year as its continued adoption translates to its token price. However, the platform predicts that VeChain can’t hit $0.28, its all-time high price, before at least 2029, dashing hopes of 2024 being VET’s breakout year.

In a recent interview, Sunny Lu, CEO of VeChain shared his thoughts on VeChain and Crypto, defining 2024 as a milestone year for the project.

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