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- The Stellar blockchain is opening a remittance corridor.
- The corridor will connect millions between the EU and Thailand.
- To do so, Velo Labs struck a partnership with TEMPO Payments and Bitazza.
The Stella blockchain opens a remittance corridor. This will connect the 27 European Union (EU) nations with Thailand. Specifically, this took place only due to an alliance struck between 2 firms and Velo Labs.
In detail, the two brands are TEMPO Payments and Bitazza. To specify, it is Velo Labs who is building a global settlement network. To do so, it struck a partnership with the two brands mentioned above.
Thus, Velo Labs is now working with the EU anchor for Stellar network payments — TEMPO Payments, and Bitazza — the Thai crypto trading platform. The latter is known for enabling transfers.
This union will ensure that Velo’s protocol can leverage transfers. This means, its native token — VELO, will be able to transact and settle in seconds while on the Stellar blockchain.
CEO of Velo Labs, Mike Kennedy, says,
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.
More so, he says that this launch is a validation of the brand’s core mission. The mission is to build a global, decentralized, and interoperable network. A network that allows individuals and businesses to securely and instantly transfer value across the world.
Lastly, the joint partnership will flourish the remittance market between the EU and Thailand. It will do so by connecting over 600 million customers. To add, the remittance corridor is worth $17 billion.