Velo: A Federated Credit Exchange Network
Velo Labs looks to create a unique federated credit exchange network powered by the Velo Protocol. The protocol enables the issuance of digital credits and facilitates borderless asset transfers for businesses through a sophisticated smart contract system. The core mission of Velo Labs is to allow partners to securely transfer value in a timely and transparent manner. By leveraging the Stellar Consensus Protocol, the Velo Protocol processes and settles transactions efficiently, supporting multiple business use cases centered around its core function: issuing collateral-backed digital credits corresponding to various fiat currencies for frictionless value transfer.
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Project Function
Velo Labs aims to revolutionize financial transactions with its blockchain-based solutions, focusing on secure and efficient value transfers across different networks. The Velo Protocol's smart contract system enables businesses to issue digital credits backed by collateral, facilitating seamless and transparent transactions. The utility of Velo extends beyond simple value transfers, with the network supporting diverse applications, including a liquidity and settlement network that aims to ensure safe and transparent transactions.
Token Utility
At the heart of Velo's ecosystem is its utility token, VELO. This token is crucial for the network's operations, acting as collateral and serving as an entry requirement for participating in the Velo Ecosystem. VELO tokens facilitate value transfers and stable settlements on the Velo network, underpinning financial transactions within its platform.
Information about the Founders
Velo Labs was launched in 2020 by Chatchaval Jiaravanon and Tridbodi Arunanondchai. The project's initial funding came from an IEO on Kucoin Spotlight, with ~0.13% of the initial total token supply (40 million Stellar-based VELO) was sold at $0.05 per token, raising $2 million.
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