VELO ANNOUNCES THE LAUNCH OF THE REVOLUTIONARY "DIGITAL GOLD" WHITEPAPER

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Apr 29, 2024, 08:00 ET

BANGKOK, April 29, 2024 /PRNewswire/ -- Velo Labs is excited to release its innovative whitepaper for the "Digital Gold" project, titled "Pacific Lightnet Gold Token (PLG): Revolutionizing Gold Investments." This document presents a new way to own gold through secure, digitized tokens, set to transform investor interactions with this classic asset.

Integration with the Solana Foundation:

Building on a recent Memorandum of Understanding with the Solana Foundation, this initiative employs Solana as the blockchain settlement layer, with Velo as the infrastructure backbone and clearing house for Laos' digital gold transactions. This partnership boosts the efficiency and security of PLG Gold transactions, ensuring strong interoperability and connectivity across blockchain networks.

Key Partnerships:

Pacific Bullion Import-Export: This key partner securely stores the physical gold reserves that back the PLG tokens, ensuring their integrity and authenticity. Their role is crucial in maintaining compliance with storage and reporting requirements related to precious metals.
Lightnet: Velo's collaboration with Lightnet facilitates the conversion of digital tokens back into fiat currency, enhancing the redemption process with liquidity and transparency. This partnership plays a vital role in providing on-ramp and off-ramp facilities for assets on the blockchain, strengthening the framework for digital asset transactions across the region.

Highlights from the Whitepaper:

Digital Ownership: The PLG token represents direct ownership of one fine troy ounce of investment-grade gold per token, backed by physical gold bars stored securely in vaults.
24/7 Accessibility: Investors can trade PLG tokens any time of day, providing flexibility unmatched by traditional gold markets.
Physical Redemption: Token holders can exchange their digital tokens for physical gold bars, enhancing transparency and trust.
Low Transaction Costs & High Liquidity: PLG tokens ensure low-cost trading and high liquidity in secondary markets, making gold investment more accessible and efficient.
Blockchain Technology: Leveraging blockchain for security and transparency, PLG tokens can be seamlessly converted into physical gold or fiat currency as needed.

Additional Benefits of PLG Tokens:

Enables the delivery of physical gold bars at the redemption window located in the vault, ensuring transparency and authenticity.
Offers low transaction costs, enhancing the affordability of transactions.
Provides easy accessibility and fractional ownership, allowing both small and large investors to partake in gold investments without the typical complexities of physical ownership.
Ensures ease of conversion between digital assets and physical gold or fiat currencies, catering to diverse investor needs.

About Velo Labs:

Velo Labs is a global pioneer in Web3-based financial solutions, offering a cutting-edge liquidity and settlement network for secure, efficient value transfers. Backed by Stellar Network and CP Group, our reach has expanded beyond Southeast Asia and the Pacific, now serving partners worldwide. We connect and complement the gap between traditional banking infrastructure and Web3, leading the way in blockchain mass adoption. Our extensive Web3-based payment network and Lightnet, our licensed settlement partner, position us as a global heavyweight. Velo Labs offers a diverse range of Web3-based products, notably Orbit, tailored for individuals, merchants, corporations, and enterprises worldwide — dedicated to empowering global financial connectivity and expanding accessibility globally.

About Pacific Bullion Import-Export:

Pacific Bullion Import-Export plays a pivotal role in the management and security of the gold reserves essential for backing the PLG tokens. With a longstanding history of expertise in precious metals, the company ensures the integrity, safety, and regulatory compliance of the gold storage. Their comprehensive auditing practices and advanced security measures establish a trusted foundation for the Digital Gold initiative, making them a key player in the transformation of traditional gold trading to the digital era.

SOURCE Velo Labs Technology Ltd.