Velo Labs Partners with MaiCoin
MaiCoin Group (MaiCoin), one of Taiwan’s premier digital asset brokerages, and Velo Labs are proud to reveal that they will be entering a technical collaboration to improve upon Velo Labs’ Federated Credit Exchange Network (FCX) and MaiCoin’s existing infrastructure.
- MaiCoin offers fiat/cryptocurrency on/ramps at each of Taiwan’s more-than-6,000 7-Eleven locations.
- Taiwanese users can purchase cryptocurrencies with fiat directly at 7-Eleven counters.
- Velo Labs and MaiCoin are entering into a technical collaboration.
Velo Labs’ FCX is a distributed network that connects an array of traditional, centralized and decentralized finance partners. Powered by the Velo Protocol, the FCX enables the liquid exchange of digital credits pegged to any fiat currency while guaranteeing last-mile settlement using the VELO token. Its core function — issuing and transacting with digital credits pegged to any fiat currency. This is also something that MaiCoin provides with its 7-Eleven integration.
MaiCoin, the largest digital asset brokerage in Taiwan, first started allowing residents of Taiwan to purchase cryptocurrencies through Hi-Life convenience stores across Taiwan. Their efforts to establish convenient fiat/cryptocurrency on/off ramps in Taiwan mirror Velo Labs’ continuing efforts with its partners.
Tridbodi Arunanondchai, Vice Chairman of Velo Labs states: “Both MaiCoin and Velo Labs believe in a distributed financial system where value flows freely between individuals and machines across the legacy, CeFi and DeFi worlds. It is precisely this belief that fuels our FCX and pushes us to continue onboarding incredible partners like MaiCoin.”
MaiCoin decided to integrate with Velo Labs’ FCX due to the innovative distributed network’s ability to combine the efficiencies and freedom of DeFi with the well-worn, mature practices and standards of CeFi and legacy systems. The FCX accomplishes this by requiring all network participants to abide by a fixed set of stipulations. These include:
- VELO tokens serve as the FCX’s universal collateral;
- VELO token transactions are confirmed using a Federated Byzantine Agreement — the Stellar Consensus Protocol;
- The FCX’s core function — issuing and transacting with digital credits pegged to any fiat currency — is built on the Velo Protocol.
Behaviors outside the scope of these stipulations are left to the network participants to govern.
By partnering with MaiCoin, Velo Labs positions itself to make the most of Taiwan’s unique advantages, including their strategically valuable location in Asia, abundant human capital and innovative financial systems. Additionally, the fact that Velo Labs’ FCX is already live means that this collaboration has already moved beyond the theoretical. Notably, two of Velo Labs’ other partners, Lightnet Group and SEBA Bank, recently made headlines by completing the FCX’s 1st-ever live transaction — months ahead of schedule. Since then, multiple partners have started processing transactions on the FCX. The pieces are already in place for MaiCoin and Velo Labs’ efforts to directly impact users throughout Asia. It is precisely this kind of collaboration that will accelerate the adoption of cryptocurrencies and blockchain technology across all of Asia.
About Velo Labs
Velo Labs’ mission is to build a Federated Credit Exchange Network, powered by the Velo Protocol. The Velo Protocol is a financial protocol that issues digital credits pegged to any fiat currency, and ensures that these digital credits are always collateralized by the right amount of VELO tokens to maintain a 1:1 digital credit to fiat currency value ratio. Backed by Stellar Network and CP Group, Velo Labs is currently serving business partners in Southeast Asia. By connecting the legacy finance, CeFi and DeFi industries, Velo Labs’ Federated Credit Exchange Network positions Velo Labs as one of few blockchain projects with a clear path towards mass adoption.
