VeChain filed an application for V3TR earlier this year, covering the electronic transfer of digital currencies via devices and communication networks.
The trademark positions the network for major central bank partnerships, as it caters to existing digital currencies and any future token at a time of booming tokenisation.
VeChain could become the first global blockchain network to strike partnerships with key central banks globally after filing its V3TR trademark application this year.
As Crypto News Flash reported, the VeChain Foundation filed a patent application with the US Patents and Trademark Office (USPTO).
🚀 #VeChain's pending trademark is a game-changer! From digital currency transfers to crypto trading, it's paving the way for ISO 20022 compliance and conquering the trillion-dollar payments market. 🌐💰
Plus, central bank partnerships could be on the horizon! 🏛️🚀
V3TR caters to several crypto and digital token areas, allowing the Foundation to provide diverse services at a time when giants like Franklin Templeton and BlackRock are exploring tokenisation. These include the issuance and redemption of digital tokens, offering token exchange services underpinned by blockchain technology and transferring funds electronically.
V3TR also caters to the issuance of digital tokens for community membership in online forums, ensuring that VeChain is the platform for everyone, whether they are conducting a financial transaction or just having fun with their online friends.
While it has a broad application, the critical target is the payments industry. Industry data shows that the industry will be worth $20 trillion over the next two years. However, it’s dominated by the legacy banking industry and financial technology firms. For instance, in China, WeChat Pay and Alipay control 92% of the digital payments market. The dynamics are similar in most markets, where a few companies have a stranglehold.
