Velo Labs Announces Multi-Phase Token Burn, Company To Remove 20% Of Total Supply

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Mar 15, 2022, 19:07 ET

SAN FRANCISCO, Calif., March 15, 2022 /PRNewswire/ -- Velo Labs, a blockchain-based technology company revolutionizing financial services, is undertaking a significant token burn as part of their commitment to community members, early backers, and investors in the project.

Starting March 16, 2022 the Velo Labs team will burn 6 billion tokens – or 20% of the total supply – at a rate of 1 billion tokens per month.

"Undertaking a burn of this magnitude shows our commitment to the Velo community and our investors, while also moving us closer to our broader company goals, including strengthening our tokenomics," said Mike Kennedy, CEO of Velo Labs. "We want to ensure we are providing the best possible opportunities for the backers and supporters of the Velo mission."

Velo Labs is building an unmatched global settlement network to make it faster, cheaper, and more reliable for businesses and individuals to move money. The network, built on the Stellar blockchain, leverages the Velo Protocol to create a borderless, price-stable money transfer network. Notable partners include Bitazza, ASEAN's fastest-growing digital asset platform, Inception, a financial services company, and TEMPO Payments, a digital money transfer company.

Velo Labs

Velo Labs is on a mission to improve financial services. We are building a global settlement network to make it faster, cheaper, and more reliable for businesses and individuals to move money. The company is developing blockchain-based and enterprise-grade products enabling financial institutions to transfer value seamlessly around the world.

www.velo.org

SOURCE Velo Labs