Velo Labs, Interstellar and Stellar Development Foundation will cooperate on liquidity, fund collection and payment solutions, etc.
On August 26, Velo Labs, the founding team of the digital credit agreement Velo Protocol, announced a strategic cooperation with Interstellar to establish a platform that can help companies provide better financial services in Asia. Interstellar is a company specializing in international payments, using the Stellar blockchain and its ecosystem to help companies build products and services.
- Velo Labs and Interstellar are entering into a strategic cooperation agreement.
- Mr. James Wu, the technical director of Interstellar, will serve as the technical consultant and spokesperson of Velo Labs.
- Velo Labs, Interstellar and Stellar Development Foundation will cooperate on liquidity, fund collection and payment solutions, etc.
Tridbodi Arunanondchai, Vice Chairman of Velo Labs, said: “Interstellar’s extensive experience in developing payment protocols and cross-border payment solutions will help Velo Labs provide greater value to more partners throughout the Asia-Pacific region. We are very pleased to be cooperating. Partners and users create value.”
With expertise in helping companies develop Stellar blockchain services, Interstellar has a unique position in providing technical guidance to Velo Labs. Interstellar technology leader Mr. James Wu is also a technical consultant of Velo Labs, and he is guiding and shaping its technical system. In addition, James Wu will serve as one of the spokespersons of Velo Labs to assist Velo Labs’ community building and other outreach work.
James Wu said: The Velo agreement aims to improve efficiency for many use cases in large and small companies. From a technical point of view, our main focus is to design a flexible, scalable, and reliable system. This is a condition to ensure that end users can benefit from the comprehensive value of the combination of the Stellar blockchain and Interstellar’s technical expertise, as well as the product portfolio of Lightnet and Velo.
The Interstellar team has also actively contributed to the product and architecture development of Velo Labs. Interstellar allows Velo to use the’Stellar Consensus Protocol’ and ultimately enables Velo’s trusted business partners to complete cross-border transactions faster and at lower cost. Interstellar will provide support for Velo Labs in designing commercial solutions and strategies to help them achieve practical applications before 2021. For example, Lightnet Group (a company dedicated to providing cross-border payment solutions for people unable to enjoy financial services) proposed s solution. The areas of cooperation between Interstellar and Velo Labs include new products and services, liquidity, and provision of collection and payment services through a compliant payment network.
Mike Kennedy, CEO of Interstellar, said: “Together, Velo and Lightnet have built a strong ecosystem by connecting many well-known companies, and developed a new method of faster and lower-cost conversion of funds to fill a major gap in the remittance market. In In my opinion, Velo, Interstellar and Lightnet are jointly pioneering the future of international payments: a future that is more open, interoperable, and cross-border transactions shortened from days to minutes. Interstellar is happy to support and promote this vision walk forward.”
Velo Labs was established in 2018. Its core mission is to build a decentralized settlement network that enables partners to safely and reliably transfer value between each other with maximum efficiency and transparency. It is currently in the remittance and remittance market in Southeast Asia Of business partners provide services. The Velo Agreement is Asia’s first decentralized digital credit and settlement network, supported by ten leading Asian enterprise groups.
Interstellar is a technology company specializing in international payments, providing technical consulting services and helping companies create products using the Stellar blockchain and its ecosystem.
