Velo Labs to ensure secure credit issuance and international payments with Band Protocol oracles.
Velo Labs, the Stellar-based protocol, will be employing Band Protocol decentralized oracles to facilitate access to token prices and foreign exchange data. This strategic partnership will help Velo Labs customize oracles that facilitate access to premium on-chain exchange rates. Furthermore, these customizable oracles will support a credit exchange network that is both trustless and borderless.
According to the official blog post, Band Protocol oracles will provide Velo Protocol with the highest security possible. The strategic partnership will also facilitate usability on Velo, providing top-notch price oracles through an instant settlement system.
Velo Labs and the Asian Pacific region
Velo Labs looks to ensure that the over four billion people living across the Asian Pacific region have access to trustless financial solutions. The overall goal is ensuring both low-cost and real-time financial solutions. To achieve this, the Stellar-based protocol requires a scalable and secure oracle solution. Hence, its strategic partnership with the Brand Protocol oracle platform.
Speaking on the announcement, Chatchaval Jiaravanon, chairman of Velo Labs, says the company requires “an oracle solution that is not only scalable but that also has the highest security guarantee and ability to secure real-time settlements.”
The Stellar-based protocol looks to enable digital credit issuance and borderless value transfer by leveraging smart contract and blockchain technology to build a scalable financial protocol.
With support from top industry giants, the platform is projected to carry out more than $50 billion in annual transactions within the space of three years.
Soravis Srinawakoon, CEO and co-founder of Band Protocol, pointed out that the platform was excited about working with Velo Labs. He states, “We are proud to be working with Velo Labs to secure and bring trustless foreign exchange and price data to their platform, products and network, such as Lightnet, that provide real-time settlement systems to migrant workers — a market worth about $150 billion.”
The two companies have created an integration plan after conducting thorough research. The plan includes major onboarding milestones directed towards the complete integration of the oracle platform’s protocol on the Velo product suite.
Band Protocol Integration Milestones
Source: Band Protocol Blog
The Velo Protocol consists of two major segments, namely its digital reserve system and its credit issuance mechanism. VELO token, which is the platform’s acceptable collateral, links the value of traditional assets to digital credits. The oracle platform will deliver both secure foreign exchange and VELO token feeds. Thus, providing users with corresponding fiat currency like GBP, JPY, USD, and EUR for their digital credits (VELO token).
About Velo Labs and Band Protocol
Founded in 2018 and built on the Stellar blockchain, Velo Labs’ focus is on building a “federated credit exchange network.” This network is one that enables the easy and secure transfer of value. For now, Velo Labs services the remittance markets of Southeast Asia. Interestingly, it is the first-ever decentralized credit network in Asia and is supported by ten top regional conglomerates.
Band Protocol, on the other hand, is a popular cross-chain data oracle. It connects real-life off-chain and on-chain data. It is also backed by several top industry giants like Binance and Sequoia Capital.
Band Protocol has been in the limelight in recent times for all the right reasons. The protocol has entered interesting partnerships with Tron, Elrond, Neutrino, and Coinbase,. It has even had its native token, BAND, listed on Crypto.com.
Also, we recently covered a partnership announcement between MANTRA DAO and Band Protocol on the Altcoin Buzz YouTube Channel.