Velo Labs has announced its partnership with Interstellar to collaborate on disbursement, liquidity and money collection solutions. Mr. James Wu, head of engineering at InterStellar is also technical advisor to Velo Labs who will help shape its technical systems.
The Velo Protocol is all about designing a system that is flexible, scalable while being reliable. The partnership with Interstellar will allow Velo to make use of Stellar Consensus Protocol that will let its trusted partners to do cross-border transactions faster and cheaper.
Interstellar will be supporting Velo Labs in creating commercial solutions and strategies to create real-world applications by 2021.
This includes applications mentioned by Lightnet Group which is a company creating many cross-border payment solutions for underbanked – the people who still do not have bank accounts.
They will be working together to provide liquidity, money collection and disbursement via regulated money transfer networks.
Velo will be working with Lightnet company to fill gap in remittance market by connecting strong ecosystem of companies who will want to move money faster and cheaper than before.
CEO of Interstellar, Mike Kennedy believes that Velo, Lightnet and Interstellar will revolutionize future of international payments.
Excited to partner with Velo Labs to redefine and improve financial services in Asia and around the globe. https://t.co/1cgJLH4HI1
— Mike Kennedy (@MikeKennedySF) August 26, 2020
Tridbodi Arunanondchai, Vice Chairman of Velo Labs said
“Interstellar’s strong experience in developing payment protocols and cross-border payment solutions will help Velo Labs deliver greater value to more partners across APAC.“
Stellar ecosystem is growing fast with strong partnerships that will help build a powerful financial system all around the world.