Velo Labs partners with Kyber Network
Velo Labs, the team behind the Velo Protocol — a blockchain financial protocol enabling digital credit issuance and borderless value transfer for businesses — and Kyber Network, have jointly announced a strategic partnership.
Velo Labs’ core mission is to build a Federated Credit Exchange Network that allows partners to safely and securely transfer value between each other with maximized efficiency and transparency. Through its Federated Credit Exchange Network, Velo Labs connects an array of traditional, centralized and decentralized finance partners to enable distributed value transfers powered by blockchain technology.
Kyber Network is a leading on-chain liquidity protocol that aggregates liquidity from a wide range of sources and can be integrated into any application to enable token exchange without the need for intermediaries.
The strategic partnership brings together Velo Labs’ Federated Credit Exchange Network of legacy, CeFi and DeFi partners, and Kyber Network’s ecosystem of projects around the world. This allows both to benefit from the VELO token’s role as a bridge collateral for value transfer.
Velo Labs also has the potential to expand Kyber’s capabilities in serving Kyber Network’s ecosystem of projects with the credit and settlement functionalities offered through Velo Labs’ Federated Credit Exchange Network.
“We are excited for our collaboration with Kyber Network. The partnership further enhances Velo’s efforts towards building a federated credit exchange network where the VELO token acts as the bridge asset to help partners create and transfer value to one another in a safer and more efficient manner.” — Tridbodi Arunanondchai, Vice Chairman of Velo Labs
VELO tokens are issued on the Stellar blockchain network, an open-source distributed ledger used specifically for payments, and one of the leading blockchain networks for digital asset transactions. Kyber Network has partnered with Velo Labs as a technical and development consultant to help Velo Labs build an important extension of the Stellar Network, EvryNet, a blockchain that supports crucial smart contract functionality, connects different business partner networks, and enables the staking of VELO tokens as collateral for digital credit issuance.
The Kyber Network team has vast experience and deep expertise building blockchain technologies related to decentralization (Smartpool), scalability (Elastico and Gormos), and security (Oyente). This technical partnership helps Velo Labs and paves the way for future joint initiatives. Moreover, it supports Kyber Network’s ongoing research into cutting-edge scaling and cross-chain solutions.
“Kyber Network is well-suited to work with Velo Labs due to our team’s vast experience in blockchain technology and various cross-chain initiatives including WBTC, Waterloo Bridge, and Peace Relay. We are glad to support the Velo team and help them build digital credit protocols that allow various market players to transfer value in an efficient and transparent way.”- Loi Luu, CEO Kyber Network
About Velo Labs
Founded in 2018, Velo Labs is backed by the CP Group and Stellar Network (XLM). Its core mission is to build a Federated Credit Exchange Network that allows partners to safely and securely transfer value between each other with maximized efficiency and transparency. Velo Labs currently serves business partners in the remittance and money transfer markets of Southeast Asia. Through its Federated Credit Exchange Network, Velo Labs aims to solve the inefficiencies in the current remittance and money transfer markets and become a major settlement hub in Asia, eventually expanding to other regions.
Velo Labs develops the Velo Protocol. The Velo Protocol is a blockchain financial protocol enabling digital credit issuance and borderless asset transfers for businesses using a smart contract system. It enables its trusted partners to issue digital credits via a smart contract layer, using the Stellar Consensus Protocol to process and settle transactions. The Velo Protocol can issue digital credits that correspond to any fiat currency.
Through its services, Velo Labs is looking to create a fully interoperable network that will enable its trusted partners (i.e. businesses, banks, digital banks, cash-in/cash out network, e-wallets, DeFi protocols) to make frictionless value transfers that are settled instantaneously in a cheap, secure, and simplified manner. Further use-cases for the Velo Protocol will also be introduced over time. This includes borrowing, lending, staking, and more. Velo Labs seeks to realize its goals by leveraging on its core capabilities, which include a strong leadership team with a solid track record in a wide range of industries, including but not limited to financial services, technology and telecommunications. Velo Labs is backed by a network of major conglomerates in Asia who are driving the use and adoption of the Velo Protocol and VELO token.
About KyberNetwork
Kyber’s on-chain liquidity protocol allows decentralized token swaps to be integrated into any application, enabling value exchange to be performed seamlessly between all parties in the ecosystem. Using this protocol, developers can build innovative payment flows and applications, including instant token swap services, ERC20 payments, and financial DApps — helping to build a world where any token is usable anywhere.
Kyber is the most used and integrated decentralized finance (DeFi) protocol in the world, with over US$2 Billion worth of transactions facilitated since its inception. Kyber supports over 80 different tokens, and powers over 100 integrated projects including popular wallets Trust, Enjin, Argent, and the HTC Exodus smartphone, as well as DeFi platforms Nuo, DeFi Saver, InstaDApp, Set Protocol, Melon, and many others.
Follow Velo Labs
★ Website ★ Whitepaper ★ Twitter ★ Telegram (EN) ★
