- VeChain has applied for a V3TR trademark in the US in its latest push to lead the blockchain world in conquering the payments market, expected to hit $20 trillion in two years.
- The trademark allows VeChain to offer users a blockchain platform through which they can issue digital tokens and trade their tokens for fiat.
Payments are the bedrock of global commerce and according to Geneva-based financial services firm Aperture, the sector will be worth $20 trillion in 2026, growing at an annual rate of 24%. This industry has traditionally been dominated by legacy financial firms, but through its latest trademark application, VeChain is seeking to introduce crypto and make its mark in payment processing.
VeChain has been at the forefront of pushing blockchain innovation for years, whether it’s through carbon neutrality efforts or in the medical services sector. Payments are the latest focus, and a trademark application filed with the USPTO showcases the VeChain Foundation’s massive ambition to offer users a secure, cheap, and convenient payment option.
Among the provisions of the trademark are the operation and financial administration of an online digital currency exchange, ATM banking services for the exchange of fiat to crypto and vice versa, cash management services such as transferring electronic cash equivalents, issuance and redemption of crypto tokens, financial information services and more.
VeChain Targets $20 Trillion Payments Market
When crypto started becoming popular, payments were regarded as the low-hanging fruit that the sector could build its success upon. However, years later, crypto has failed miserably at providing payment services. Most blockchain networks are prohibited by high fees, slow transactions, and general inefficiency.
The inability of blockchain networks to conquer payments is baffling. For starters, payments still suffer massive challenges, many of which blockchain could solve, from inaccessibility to high fees. Second, payments are ever-growing, which indicates that any blockchain that makes even the smallest dent early on has massive upsides in the future. For instance, research shows that 53% of Americans use digital payments more than traditional methods, while the World Bank says that two in three adults now rely on digital payments.
VeChain could be the frontrunner in the payments sector, The network boasts of transaction efficiency that can support thousands of transactions per second at some of the lowest fees in the market. This allows VeChainThor to underpin applications that can process as many transactions as Visa and more than Mastercard.
VeChain, however, isn’t a one-trick pony and it has solutions for virtually every other sector. Its efforts in sustainability have especially set it apart, with a recent report from Reflexivity Research noting, “With the upcoming launch of a sustainability ecosystem on the VeChainThor blockchain, VeChain is set to further cement its position as a leader in the blockchain space, driving innovation and sustainability hand in hand.”
Meanwhile, the native token, VET, trades at $0.04363, shedding 2.61% in the past day.
