Velo Labs and iRemit become a partner in unlocking $34B cross-border payments market

Velo Labs is the leading blockchain infrastructure company. iRemit the largest, non-bank, Filipino-owned remittance service provider has partnered with. This partnership will allow individuals and businesses to access improved cross-border payments through blockchain technology and Velo Digital Credits.

An estimated 34 billion USDRemittances arrive in The Philippines each year and are currently subject to high fees, costly delays, and a complex web of intermediaries – all of which destroy economic value and hurt individuals reliant on cross-border payments. Velo Labs and iRemit will offer the technology and settlement network that allows cross-border payments to be sent and received faster, cheaper, and more securely than legacy financial systems.

iRemit now has the ability to integrate with the Velo network and work directly with its trusted partners in order to settle transactions almost immediately, without the need of intermediaries. Combining is a way to increase efficiency. Velo Labs’ blockchain payment infrastructure with iRemit’s robust, domestic settlement network will empower iRemit’s users – including overseas Filipinos, migrant workers, and local businesses and individuals – to retain more of their hard-earned money.

“Our partnership with iRemit is a direct reflection of Velo Labs’ core mission: to build a global, decentralized, and interoperable settlement network that provides fast, reliable, secure cross-border payments,” said Mike KennedyVelo Labs CEO. “As we grow our global settlement network, we’re excited to partner with institutions like iRemit, who share our vision of empowering those who rely so heavily on cross-border payments.”

The Velo Protocol is the engine behind Velo Labs’ settlement network. This financial protocol allows trusted parties to transact with each other using digital credits. They are pegged to local fiat currencies. The Velo Token, a Velo Labs utility token that backs all digital credits, maintains a 1:1 ratio between digital credits and the underlying fiat currencies. Velo Labs can provide a cost-effective way to transact value using digital credit without volatility, which is a concern for other digital asset protocols.

 

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