Velo Labs
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Velo Labs

Hindsight is 2020: Velo Labs Year in Review

2020 was a year of excitement and achievements for Velo Labs. In 2020, the Velo Labs team made significant progress in its mission to build its Federated Credit Exchange Network (FCX), powered by the Velo Protocol. With 2020 in the rearview, let’s look back at some of Velo Labs’ most notable milestones.

#10 Forming robust ecosystem partnerships

In 2020, Velo Labs built a wealth of partnerships to empower all aspects of its FCX. Partnerships with Lightnet, Interstellar and Kyber Networks are representative of the comprehensive collaborations that Velo Labs has formed towards enhancing all aspects of its ecosystem.

By partnering with Lightnet, Velo Labs achieved real world adoption of its blockchain-based financial solution. Velo Labs enables Lightnet to provide remittance services to unbanked populations in the Southeast Asia region in a faster, cheaper and more low-cost way.

By partnering with Interstellar, Velo Labs formed a collaboration aimed at developing liquidity, money collection and disbursement solutions.

By partnering with Kyber Networks, Velo Labs expanded the capabilities of its FCX to integrate its partner’s ecosystem, thereby enabling a wider range of participants into the FCX.

#9 Forming Liquidity and Oracle Partnerships with Terra, Band Protocol and Chainlink

As Velo Labs continued developing its FCX, the team formed partnerships with renowned projects such as Terra, Band Protocol and Chainlink to enhance the FCX’s financial capabilities. With Terra, Velo Labs is exploring stablecoins swap opportunities leveraging Velo Labs’ FCX; with Band Protocol and Chainlink, Velo Labs is integrating custom decentralized oracles.

#8 Custodian Partnerships with Matrixport and BitGo

Velo Labs partnered with Matrixport and BitGo in 2020 to provide safe and secure custodian services for all partners in its ecosystem. With Matrixport, Velo Labs and its Trusted Partners can leverage a secure and reliable institutional crypto management system and multi-tiered storage system to store their assets and scale their business applications. With BitGo, Velo Labs gains access to BitGo’s best-in-class digital asset custody services to Velo Labs and its alliance of Trusted Partners.

#7 External Collaborations: AMAs, Influencer videos, Podcasts, Interviews

In 2020, Velo Labs collaborated with a wealth of influential industry personalities. These collaborations included a variety of platforms as well as sit-downs with notable figures in the crypto industry, examples of which includes:

  1. Exclusive Interview with Boxmining on Youtube;
  2. AMA in Stellar’s Reddit Community;
  3. Community interview and AMA with RealSatoshi community (Chinese)
  4. Live Podcast with David Gokhstein;
  5. Community AMA with Banana Talk — one of Korea’s top crypto communities;
  6. AMA with Coin68 — Vietnam’s top 3 crypto media.

……and much more. For more details, please read Velo Labs’ official blog for the latest developments and updates.

#6 Building Velo Labs Communities around the world

Throughout 2020, Velo Labs built a large follower base with communities in English, Chinese, Korean and Vietnam. In only 6 months, Velo Labs’ communities grew from a few dozen to more than 40,000!

#5 Tech Development: Velo Protocol

At the core of a crypto project is its product. 2020 has seen significant progress in Velo Labs’ product development, beginning with the Velo Protocol. This year, development of Velo Protcol’s core functions — the Digital Credit Issuance System, the Digital Reserve System and the Hermes Warp Protocol — were completed in accordance with the team’s development roadmap. The completion of the Velo Protocol empowers the adoption of Velo Labs’ FCX, to the benefit of all of Velo Labs’ partners. More details can be found here.

#4 Tech Development: Testnet, Mainnet, Warp Protocol

In addition to the Velo Protocol, Velo Labs’ technology development roadmap also includes the completion of the Testnet, Mainnet, and the Warp Protocol. The completion of these core components form the technological foundation for Velo Labs’ FCX and has quickened the team’s steps towards real world business adoption.

#3 Visa Partnerships

At its core, Velo Labs was founded to solve real world problems, beginning with serving business partners in the remittance and money transfer markets of Southeast Asia. On November 30th, 2020, the team took a major step forward by forming a partnership with Visa. In this partnership, Velo Labs, Lightnet Group and Visa are collaborating on payment solutions aimed at addressing the under-served micro, small and medium enterprise (MSME) lending market in Asia. Starting with this partnership, Velo Labs aims to solve the problems in the MSME lending market which currently has financing gaps amounting to nearly USD 2.6 trillion.

#2 KuCoin Listing

On September 17th, the VELO token was successfully listed on KuCoin. As the bridge asset for enabling secure value transfers between network participants in an instant and transparent manner, the listing provides VELO tokens with market liquidity as well as a live price reference, enabling its function as the asset collateralizing all transactions on the FCX.

#1 Federated Credit Exchange Live Transaction

December 9th, 2020 will be remembered as a landmark day in Velo Labs’ history. On this day, two of Velo Labs’ partners successfully completed the 1st-ever live transaction using Velo Labs’ Federated Credit Exchange Network! This historic transaction took place between two pioneers of the modern fintech landscape: Lightnet Group and SEBA Bank. The completion of this transaction represents not only the successful completion of Velo Lab’s product development but also the start of business adoption of Velo’s Federated Credit Exchange. We are excited to see what we will achieve in 2021.

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The Velo Protocol is a blockchain financial protocol enabling digital credit issuance and borderless asset transfer for businesses using a smart contract system. The Velo Protocol can issue digital credits pegged to any fiat currency.

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Velo Protocol

A blockchain financial protocol enabling digital credit issuance and borderless asset transfers for businesses using a smart contract system