Velo Labs poised to take the fintech industry by storm
October 21, 2020, 7:56PM EDT
1 min read
A fintech revolution is coming. Velo Labs recently entered into a partnership to build a next-generation payment system with leading stablecoin firm Terra. This announcement follows a very active period for the Velo Labs team. In addition to releasing their Stellar-based VELO token in September, the team has partnered with Band Protocol to create secure industry-leading FX data oracles and Matrixport Cactus on cutting-edge custodial services.
This flurry of activity is in service of Velo Labs’ mission to build a federated credit exchange network, powered by the Velo Protocol. The Velo Protocol is a financial protocol that issues digital credits pegged to any fiat currency, and ensures that these digital credits are always collateralized by the right amount of VELO tokens to maintain a 1:1 digital credit to fiat currency value ratio.
Backed by the Stellar Network and the CP Group – one of the biggest conglomerates in the world – Velo Labs is currently serving business partners in Southeast Asia. The first partner use case of the Velo Protocol will be an inclusive international remittance ecosystem aimed at empowering the region’s large underbanked and financially underserved population.
The Velo Labs team is at the forefront of a fintech industry gravitating towards a system that is decentralized yet permissioned. This approach, wherein the goal is to maximize decentralization while ensuring that a network’s end points are regulatory compliant, positions Velo Labs to be one of few blockchain projects with a clear path towards mass adoption.