VeChain is ready for a partnership with major central banks under the V3TR brand

• VeChain submitted an application for V3TR earlier this year, covering the electronic transfer of digital currencies via communication devices and networks.
• The brand positions the network for major partnerships with central banks, as it targets existing digital currencies and any future tokens at a time of strong tokenization expansion.

VeChain could become the first global blockchain network to partner with major central banks globally after filing for the V3TR trademark this year.

Like Crypto News Flash reportedthe VeChain Foundation has filed a patent application with the United States Patent and Trademark Office (USPTO).

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V3TR addresses several areas of cryptocurrencies and digital tokens, allowing the Foundation to provide diverse services at a time when giants such as Franklin Templeton and BlackRock are exploring tokenization. These include issuing and redeeming digital tokens, offering token trading services underpinned by blockchain technology, and transferring funds electronically.

V3TR also takes care of issuing 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 friends online.

While it has broad application, the critical focus is the payments industry. Industry data shows the industry will be worth $20 trillion in the next two years. However, it is dominated by traditional banking and financial technology companies. In China, for example, WeChat Pay and Alipay control 92% of the digital payments market. The dynamics are similar in most markets, where few companies have a stranglehold.

None of these dominant companies are built on blockchain. With V3TR, VeChain could become the first with an easy-to-use, intuitive, fast and economical payment method built on the blockchain.

Important partnerships with central banks coming soon for VeChain

Ultimately, VeChain is destined to become a platform that all payments market partners will want to work with. After all, the industry always tends towards the most efficient solution with a sufficiently large network effect. When SWIFT launched in 1973, it quickly became the industry standard for messaging between banks because it was easier to use than any other alternative, fast, cheap, and supported by multiple banks.

Central banks have a mandate to ensure the smooth functioning of their countries’ monetary systems and people’s access to banking services. If VeChain emerges as one of the platforms offering the best solutions, central banks will look to collaborate and build solutions on the VeChain blockchain.

VeChain has worked with banks to improve efficiency in the past, for example Fanghuwang, the main financier of Chinese SMEs.

VET currently trades at $0.03373 and has remained relatively stable over the past day, compared to a decline of 4% over the past week. The token has failed to take advantage of this year’s bull rally and is down 2.4% year to date, in stark contrast to its competitors such as Fantom and Graph, which are up more than 65%.

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