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Velo Labs is developing a federated credit exchange network. The network is powered by the Velo Protocol, a blockchain financial protocol that enables digital credit issuance, and borderless asset transfers for businesses utilizing a smart contract system.
Velo Protocol utilizes the Stellar Consensus Protocol to process and settle transactions. In its ecosystem, the protocol allows for various business use cases based on its major function—collateral-backed digital credit issuance, which corresponds to fiat currencies that can be used for transfers.
VELO tokens are utility tokens created for the transference of value on the Velo network and for settlement stability. The VELO token’s utility lies in its dual feature as it serves as both collateral, as well as an entrance requirement to the Velo Ecosystem.
In 2022, Velo Labs and iRemit, a Filipino-owned, non-bank remittance service provider, partnered to provide individuals and businesses access to cross-border payments via blockchain technology and Velo Digital Credits.
Velo Labs
