VeChain (VET) is a top-notch blockchain platform that successfully manages supply chains and business solutions. Now, it’s aiming to branch out into the payments industry.
It is a big move since the payments market could be worth $20 trillion worldwide by 2026. VeChain’s recent V3TR trademark filing clearly indicates this new direction.
Advertisement
VeChain’s blockchain expansion in global payments
VeChain plans to become a major player in electronic payments, digital tokens, and redemption services. Their recent trademark submission includes a range of functions, such as issuing digital tokens and conducting blockchain transactions. It shows that VeChain is prepared to handle large-scale commercial use.
The global payments market is big and full of opportunities, with a yearly growth of 24%. It is an excellent chance for innovative firms like VeChain.
VeChain’s main benefit comes from the unique features of blockchain technology. Using Distributed Ledger Technology, VeChain guarantees that transactions are fully visible and can’t be changed. It decreases the chance of foul play, making users feel more secure.
VeChain is not just looking at the payments market; it aims to create a strong blockchain network for many sectors, such as finance, supply chain, and healthcare. Even though its market performance is only modest, VeChain’s technological advances make it a great partnership option. This is especially true for Central Banks searching for safe digital solutions.
Based on its skills in supply chain management and product validation, VeChain can smoothly merge payment features into its current system. It will bring into harmony different industries.
The use of blockchain-based payments in supply chain systems has the potential to make business operations smoother, improve tracking capabilities, and broadly boost efficiency.
VET gains momentum in the crypto market
VeChain’s cryptocurrency, VET, is getting quite a bit of attention. Its value is now $0.0464, with a total market worth of $3.3 billion. Additionally, $108 million worth of VET has been traded, showing an 8% rise in the past day.
The recent increase in VET’s value can be linked to a few factors. Importantly, the overall crypto market mood is positive. A clear example is Bitcoin, which crossed the $52,000 threshold for the first time since December 2021 – an event that could drive VeChain’s momentum.
Optimistic projections and growing adoption
Industry experts like Captain Faibik believe VET’s value will rise significantly, possibly by more than 600%, in the not-so-distant future. They spot a typical “macro breakout” pattern that usually takes months to materialize. VET reached its highest-ever value of $0.25 in 2021, bolstering assurance that its value is set to increase soon.
Martin Hiesboeck, the Head of Research at Uphold, suggests VeChain shows promising signs, particularly in supply chain management. Hiesboeck highlighted VeChain’s importance and expected growth in this area. Uphold has also noted a remarkable increase in transactions involving VET, indicating a rising interest and adoption of the asset.
Looking at VeChain’s past price changes, crypto gurus expect the VET average to be around $0.0482 by the end of February 2024. It might keep up the positive trend we’ve been seeing lately.
Price predictions range from a low of $0.0436 to a high of $0.0496. Importantly, VeChain has already hit above $0.05119. It suggests we could see even more growth ahead.
Looking ahead, there’s a lot of buzz among investors and fans about VeChain’s future. It’s shown impressive growth.
Some hopeful investors are even aiming for a $1 valuation. But achieving such ambitious goals depends on market feelings, how quickly people adopt it, and changes in rules and regulations.
Advertisement
