VELO AND SOLANA FOUNDATION SIGN MOU TO ESTABLISH CLEARING HOUSE FOR LAOS' DIGITAL GOLD TRANSACTIONS
BANGKOK, April 8, 2024 /PRNewswire/ -- Velo, in collaboration with its partner Lightnet, is pleased to announce the signing of a Memorandum of Understanding (MOU) with the Solana Foundation for its Laos Gold Project. Solana will act as the blockchain settlement layer and Velo will be the backbone infrastructure layer as well as the designated clearing house for Laos' digital gold transactions under the Gold Project. This combination will ensure efficient and secure processing of transactions on the blockchain.
Velo plays a crucial role in facilitating the overall operation and reliability of the clearing house function. It is responsible for validating and finalizing transactions securely, upholding trust, and ensuring the smooth execution of contractual obligations between buyers and sellers settled on Solana's blockchain.
The MOU also includes a robust bridging mechanism to enhance interoperability between Solana's L1, Nova, and EVM-compatible chains. This initiative aligns with the blockchain principle of interconnectedness, promoting connectivity and accessibility of digital assets across different blockchain networks. The collaboration marks a significant advancement, unlocking new possibilities for asset transfers, liquidity provision, and Web3 activities, meeting the rising demand for cross-chain transactions and contributing to the growth of the Web3 ecosystem.
Additionally, this agreement entails the implementation of comprehensive liquidity management protocols. These protocols include the development and maintenance of on-ramp and off-ramp facilities for assets on the Solana blockchain, further strengthening the framework for digital asset transactions. The goal is to roll this out in Southeast Asia and then globally.
This strategic initiative paves the way for Digital Gold to expand its user base, offering greater accessibility, particularly for users seeking a stable and secure store of value. Leveraging Solana's technical expertise, this collaboration promises users a seamless integration of investment and financial opportunities in the evolving digital landscape.
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.
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SOURCE Velo Labs Technology Ltd.
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