Velo Labs Official Announcement — January 2022
Jan 20, 2022 — Dear Velo Community,
Recently, many community members and VELO holders have reached out to us with questions and concerns regarding VELO token price drop and investment notice from Bithumb. Transparency has always been a top Velo Labs’s priority, as has open communication with our investors. Velo Labs team, therefore, wants to take this opportunity to address the recent incidents and earn back the trust of our investors and the wider crypto community.
Velo Labs values our investors
While 2021 marked a year of strong progress for Velo on the product, technology and organization front, we have not focused enough on marketing — getting the word out about our progress, and exciting current and new investors.
2021 saw us build out our remittance offering, announcing partnerships to use Velo for cross border settlement with Money Transmitter Organizations in Thailand, Europe, the United States, Indonesia and the Philippines. We have numerous more in the pipeline and plan to announce more in the coming weeks. Remittance flows in corridors represented by these locations total over $22 billion (Source: Tradingeconomics), and we feel confident we can ramp up to a meaningful share of that volume. We have been developing solutions outside remittance as well, and over the next quarter we will be launching a new crypto trading platform, with industry leading functionality and an array of major and exotic stablecoin trading pairs. We will also be launching Velo Virtual Asset (VVA) which will democratize real estate investing through the tokenization of Real Estate using Velo tokens and technology.
Our intense focus on technology and partnership has distracted us from marketing, a very important aspect in the cryptocurrency space. Although the recent price drop was exacerbated by a large, fraudulent scam, we are aware that insufficient marketing from our end has also contributed to the situation. This has contributed to a loss of confidence from VELO investors, as well as led to questions by Bithumb, a Korean exchange where VELO tokens are listed.
Bithumb Exchange Questions
We received communications from Bithumb that they need additional details on our project, information we have compiled and are now sending to Bithumb. Lifting Bithumb’s investment warning is one of Velo Labs’ top priorities, and our CEO, Mike Kennedy is personally leading the effort. We are confident these materials and future discussions with Bithumb will satisfy their questions and cause the investment warning to be removed. In the meantime, we’d like to show appreciation towards our Korean community for support and understanding.
Staking campaigns will be available to support the upcoming VELO token release.
Since the announcement of VELO token release plan in A message from our CEO: Mike Kennedy, there has been chatter surrounding early investor and founder token releases. We’d like to take this opportunity to reiterate that a large percent of these released VELO tokens have been locked. As explained in the CEO update, the 340 million tokens recently released to our founders have been invested into our partner Lightnet and locked for 2 years. Further we have over 32 million tokens locked in staking programs by our investors. Lastly, we are planning additional staking campaigns on top of what has already been available on OKEx, Evry.Finance and Definix. Our staking campaigns could provide up to 68% APR yield, which will provide a strong incentive for early investors who have had a strong belief in the project’s potential from the beginning to continue holding VELO.
We hope our clarification has relieved your concern over the future of Velo Labs. We are deeply thankful for all holders who have showered us with immense support and we urge that you trust we are working hard to regain your confidence. This matter is a learning experience which we do not take lightly. Marketing will become one of our core focuses in 2022 as we are planning to announce the newly appointed CMO. We are determined to invigorate the project with enhanced communications, team expansion, product development and new exciting listings. We are excited to include you along the journey to the world of faster, cheaper and more inclusive finance.
If you have any other questions, please feel free to reach out to us through our official channels:
The Velo Labs Team