Velo Labs, developer of the Velo Protocol, has partnered with Interstellar, a company specialized in international payments that helps businesses build products and services by leveraging the Stellar blockchain and its ecosystem.
Velo Labs and Interstellar are entering into a strategic partnership agreement.
Interstellar's Head of Engineering, Mr. James Wu, is serving as a technical advisor and a spokesperson for Velo Labs.
Velo Labs, Interstellar and the Stellar Development Foundation are collaborating on liquidity, money collection and disbursement solutions.
ROAD TOWN, British Virgin Islands, Aug. 26, 2020 /PRNewswire/ -- Velo Labs, developer of the Velo Protocol, announced today that it has partnered with Interstellar, a company specialized in international payments and blockchain technology, to build a platform aimed at helping businesses deliver better financial services in Asia.
"Interstellar's strong experience in developing payment protocols and cross-border payment solutions will help Velo Labs deliver greater value to more partners across APAC," says Tridbodi Arunanondchai, Vice Chairman of Velo Labs. "We are excited to see the value we can create for our partners and users."
With its expertise in helping businesses develop services on the Stellar blockchain, Interstellar is uniquely positioned to provide Velo Labs with technical consultation. Interstellar's Head of Engineering, Mr. James Wu, is technical advisor to Velo Labs and is helping guide and shape its technical systems. Additionally, Mr. Wu will serve as one of Velo Labs' spokespersons to further Velo Labs' community-building and outreach efforts.
"The Velo protocol is designed to bring efficiencies to many use cases both to large and small companies. From a technical standpoint, our key focus has been on designing a system that is flexible, scalable and reliable," notes Mr. James Wu. "These are the conditions to ensure that ultimately end-users can benefit from the combined value of the Stellar blockchain, Interstellar's technical expertise and the combination of Lightnet's and Velo's products."
Interstellar's team is also actively contributing to Velo Labs' products and architecture development. Interstellar allows Velo to leverage the Stellar Consensus Protocol and ultimately enables Velo's Trusted Partners to settle cross-border transactions faster and cheaper. Interstellar will support Velo Labs in designing commercial solutions and strategies that will enable real-world applications by 2021 such as the ones addressed by the Lightnet Group - a company dedicated to developing cross-border payments solutions for the underbanked. Areas of collaboration include new products and services, liquidity, money collection and disbursement through regulated money transfer networks.
"Together with Lightnet, Velo is filling a major gap in the remittance market by connecting a strong ecosystem of established companies, and by developing new ways of moving money faster and cheaper. In my view, Velo, Interstellar and Lightnet are trailblazing the future of international payments: a future that is more open, interoperable and where cross-border transactions take minutes not days. Interstellar could not be more excited to support and push this vision forward." comments Mike Kennedy, CEO of Interstellar.
About Velo Labs
Founded in 2018, Velo Labs' core mission is to build a decentralized settlement network that allows partners to safely and securely transfer value between each other with maximized efficiency and transparency, and currently serves business partners in the remittance and money transfer markets of Southeast Asia. The Velo Protocol is the first decentralized credit and settlement network in Asia, backed by ten leading Asian conglomerates.
Interstellar is a technology company specialized in international payments, providing advisory services and creating products to help businesses leverage the Stellar blockchain and its ecosystem.
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SOURCE Velo Labs