Visa partnership boosts VELO price by 27%
VELO, the cryptocurrency issued on the Stellar Network, is trending following a spike in trading fees despite a market downturn.
According to CoinmarketCap, the token is trading at $0.00979, a 27% jump in the last 24 hours.
Velo partners with Visa, Lightnet, iRemit
The company partnered with Visa, Lightnet, iRemit, and Inception to develop payment solutions in Asia jointly.
Velo Labs announced the collaboration in late 2020 and will work with the companies to address Asia’s micro, small, and medium enterprise (MSME) lending market.
“We are delighted to be a part of this unique cooperation along with trusted partners like Velo Labs and Visa. We are providing customers from the MSME market with another pathway to build credit and improve financial wellness.”
Tridbodi Arunanondchai, vice chairman and group CEO of Lightnet Group.
The partnership between the three firms will allow near real-time global transactions between financial service providers such as banks and money transfer operators.
The initiative is aimed to enable users with poor or inexistent credit histories to receive a line of credit by depositing digital assets as collateral.
The approach will connect over one billion unbanked and underbanked individuals in the Asia Pacific region (APAC) to the global financial system.
What makes Velo Labs unique?
Velo Lab’s Federated Credit Exchange Network (FCX) is a foundation where financial service providers can issue digital credits pegged to fiat currency for daily operations.
Velo Lab’s partners can transact with businesses across the globe without having fiat deposits in every market.
The number of VELO tokens collateralizing the digital credits is automatically rebalanced as the value of VELO tokens fluctuate on the market.
VELO is a cryptocurrency issued on the Stellar Network as a bridge asset. This means the tokens link the value of traditional assets to digital credits at a 1:1 ratio with any fiat currency on the Velo protocol.
VELO tokens serve as the network’s universal collateral and can be traded in several exchanges, including Bithumb, KuCoin, Bitfinex, and OKEx.
Velo Labs was founded by Chatchaval Jiaravanon and operates in Southeast Asia.
