Velo Labs Product and Technology roadmap will focus on:
Building an “Anchor” technology - interoperable with other networks like the Stellar network - to make it simple and safe for licensed financial institutions (eg banks, MTOs, fintechs) to:
Improving our Federated Credit Exchange to enable Liquidity aggregation from Decentralized Exchanges (DEX) and Liquidity pools, based on automated market makers (AMM). We are also exploring adding other sources of liquidity. Liquidity aggregation is a key feature to provide the best rates to our partners, irrespective of the currency pairs, as well as open up many use cases for the future.
Building tools and processes to uniquely support the compliant use of Digital Credits and Velo Tokens over decentralized exchanges in a regulatory friendly way.
Note: Velo Labs enables any businesses to create and exchange digital assets pegged 1:1 to any local currency, backed by Velo tokens, to move value globally. The Velo Tokens are used as super-guarantees and are Velo Labs’ utility tokens.
Continuing to develop the interoperability and performance of our blockchain infrastructure by bridging the most popular blockchains with the Velo Protocol and the Warp protocol which allow cross-chain transfer of assets.
Note: the Velo Protocol is a financial protocol and value transfer engine that consists of two components: a Digital Credit Issuance Mechanism and the Digital Reserve System. It 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. It therefore enables multiple business use cases that are all based on its core function: issuing collateral backed digital credits that can be used for frictionless value transfer.
Velo Tokens is Velo Labs utility token. It is a technical requirement for licensed financial institutions to use the Velo protocol, and to create and manage price-stable Digital Credits and their related collaterals.
In practice, business partners need to acquire Velo Tokens to mint Digital Credits, using Velo Tokens as universal collaterals to Digital Credits. Velo Tokens offer a “super-guarantee”, an insurance on top of any fiat collateral, managed by smart-contracts and not relying on any central authority. This creates a major improvement in the collateralization of price-stable assets like digital credits.
From a business standpoint, Velo Tokens can also reduce the operational costs of the Digital Credit issuers, by freeing up some of their fiat collaterals for more productive use. As such, Velo Tokens contribute to financial inclusion by decreasing our trusted partners’ service costs.
Velo Labs allows businesses to tokenize any asset of value in a safe, efficient, and compliant way. These regulatory-friendly tokenized assets can be used by businesses to implement many use cases, including cross-border payments. This is a core advantage over many DeFi technologies.
Similarly for retail consumers, Velo Labs technology gives them access to a wide range of price-stable tokens, and cost-effective ways of storing value, or sending and receiving money.
In the future, a wide range of applications in the financial services (e.g. lending, digital payments, loyalty points, NFTs) can be developed on this technological foundation.
The transformative power of blockchain relies on its ability to create trust without relying on a central authority (i.e. in a trustless environment).
In the context of cross-border payments, blockchain enables the exchange of immutable, asynchronous, and cryptographically-secured information across multiple ledgers to guarantee settlements (ie. that money can move from one counterparty to another near instantly, without being corrupted).
One of Velo Labs core differentiating features is how we use, and give access to our business partners to, blockchain-based financial services in a compliant way.
Velo Labs has developed a suite of enterprise-grade solutions for businesses to issue, mint, redeem, trade, and send price-stable digital credits.
This includes a growing list of products:
Velo Labs is run by Mike Kennedy (Chief Executive Officer) and James Wu (Chief Technology Officer).
Mike Kennedy is the former CEO of Interstellar. He is also the co-founder and former CEO of the Zelle Network, the largest person-to-person payments network in the US, processing over $300 billion worth of transactions in 2020 alone. Before that, he was the President of OFX North America, Head of Payments at Wells Fargo, and worked for McKinsey and Company.
James Wu, is the former CTO of Interstellar. He was a senior engineering manager at LinkedIn and senior manager consultant at Ernst & Young. He was also a senior implementation architect at Guidewire and software engineer at Epicentric.
Chatchaval Jiaravanon, senior member of the CP Group, and Tridbodi Arunanondchai, CEO of Lightnet Group, are respectivley Velo Labs’ Chairman and Vice-Chairman.
As of today, most team members are based in the US (in San Francisco), in Thailand (in Bangkok), and in China (in Beijing). Our team is growing rapidly; come join us!
Velo Labs strategic partners are primarily large, reputable financial institutions, as well as technological partners.
This list includes: Seba bank, Visa, Charoen Pokphand Group, Hanwha Investment and Securities, United Overseas Bank, Seven Bank, Asian Digital Bank, Uni President, Lightnet Group, Tempo Money transfer, KogoPay, Bitazza, JST Capital, Stellar Development Foundation, Chainlink, Kyber Network, FinClusive, etc.
Velo Labs has a very healthy and growing list of business partners who have signed up to use, and are currently testing, Velo Labs’ technology.
Velo Labs technology will also integrate with the Lightnet Group network who counts over 50 partners, primarily banks and money transmitters.