VeChain to enter $20 trillion payments and remittances market under brand name V3TR

It was recently reported that the VeChain Foundation filed a trademark application for V3TR, which could align it with global financial communications standards. This move will help merge the traditional financial system with the crypto industry. Furthermore, VeChain's explicit goal could be to join the likes of XRP and XLM in complying with the ISO 20022 standard. In this case, it could become a major player in the trillion-dollar payments industry.

The global payments industry is one of the fastest growing sectors with an annual growth rate of 24%. According to reports, this industry could reach $20 trillion by 2026. A new research report from Boston Consulting Group (BCG), titled Global Payments Report 2023, projects global payments revenue pool to reach $2.2 trillion of dollars in 2027.

Along with its plans to be at the forefront of the digital revolution, VeChain is also looking to implement account abstraction (AA). This is an important element for integration into the blockchain technology environment, as AA offers seamless wallet integration with smart contracts. In this case, transactions and interactions on the VeChain platform are simplified. At the time of writing, the asset is trading at $0.028888 after growing 0.5% in the last 24 hours. Over the past seven days, FP has risen 3.6%, bringing its market capitalization to $2,098,929,150.