Velo Labs' Utility Token now available on leading global digital asset provider, Huobi

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Jul 07, 2022, 21:05 ET

SAN FRANCISCO, July 7, 2022 /PRNewswire/ -- Velo Labs, a leading blockchain infrastructure company focused on improving international remittances, has announced another successful listing of their utility token, $VELO, on the leading global digital asset financial service provider, Huobi.

Velo Labs is developing a blockchain-based global settlement network to allow for fast, secure and low cost cross-border payments to both individuals and businesses. As part of their mission to improve financial services, Velo Labs provides institutions with the ability to transfer value across borders more efficiently versus traditional mechanisms. The process involves issuing digital credits pegged to a local fiat currency, which are collateralized by the VELO token, ensuring a 1:1 value ratio between the digital credits and the underlying fiat currency is maintained.

It enables Velo Labs to provide an efficient way of transacting value using digital credits without the risk of volatility that is a concern with other digital asset protocols.

CMO of Velo Labs, Mark Fisher, on this listing:

"Our utility token plays a critical role in the success of our global settlement network, and increasing the availability of the VELO token worldwide has always been a core focus for our team. We are excited to be partnering with Huobi for this listing, and looking forward to educating the Huobi community on the benefits of our project."

About Velo Labs

Velo Labs is using blockchain technology to develop a global settlement network that empowers financial institutions to provide secure, near-instant cross-border payments at low cost for individual and business customers. Velo Labs is working to improve access to efficient financial services by developing key technologies that allow for the seamless transfer of value across-borders.

www.velo.org

SOURCE Velo Labs