Velo Labs and two other financial institutions, TEMPOPayments and Bitazza have partnered to develop an international remittance corridor between the European Union and Thailand. The companies will use Stellar blockchain(XLM) to build a cross-border remittance service that will connect Thailand and 27 European countries.
Stellar blockchain is a decentralized protocol that allows cross-border transactions between any currencies. It currently has its own protocol to develop a high-speed, low-cost remittance network.
Velo Labs is a global payment service provider that has partnered with TEMPO Payments, a financial services company, and Bitazza, a digital asset broker, to host a remittance network on the Stellar blockchain. For on-chain transactions, users will use Velo tokens and Velo digital cards to facilitate cross-border payments.
The partnership has offered the companies to target market size of $17 billion and will be able to reach over 500 million customers across Thailand and the EU.
Mike Kennedy, CEO of Velo Labs said in the press release:
“What we’ve launched today is a validation of our core mission: building a global, decentralized, and interoperable network that will allow businesses and individuals alike to securely and instantly transfer value across the globe. Velo Labs wants to make cross-border transactions faster, cheaper, and more reliable for everyone; this first step starts us down the path of that reality.”