VeChain’s Bold Trademark Move: A Gateway to Central Bank Partnerships?

VeChain’s Bold Trademark Move: A Gateway to Central Bank Partnerships?
  • With its latest trademark filing in the US, the VeChain Foundation wants to merge electronic devices with traditional financial systems, ushering in a new era of financial inclusion.
  • The filing focuses on the trillion-dollar payments sector and caters to various services, including digital currency transfers and the issuance and redemption of digital tokens.

The global payments industry is one of the largest sectors, with experts predicting that it will hit $20 trillion by 2026 at an annual growth rate of 24%. VeChain wants to be part of this growth, and with its latest trademark filing, it has positioned itself to be a major player in electronic payments, digital token issuance and redemption, and more.

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.

Is 2024 the Year for VeChain?

For years, VeChain has been working on building the best blockchain network as some of its peers focused on short-term gains that pushed their prices to great heights. While its token, VET, has made gains, its progress has paled compared to some of its rivals.

However, VeChain is poised to win in the long run as its technology is superior to most of these. Founder Sunny Lu believes this might be the year his (and the VeChain Foundation’s) efforts will finally be recognized.

In a recent interview, Lu noted that while some focus on ETFs, halvings and price surges, this year’s central development will be integrating the token utility into the design of enterprise blockchain systems.

Tags: , , , ,

Leave a Reply