Velo Labs, the developer of the Velo Protocol, a Stellar-based financial protocol powering the Lightnet cross-border remittance network, has strategically partnered with Band Protocol to integrate decentralized oracles bringing reliable foreign exchange data and token pricing data. Velo Labs is working with Band Protocol to create custom decentralized oracles that bridge both open and premium exchange rates on-chain to enable a borderless and trustless federated credit exchange network.
Integrating Band Protocol oracles will bring the highest security guarantee and usability through a real-time settlement system and reliable price oracle data. Band Protocol oracle technology will be made available for the first time on all Stellar-based blockchains, bringing innovative and scalable smart contract applications to life.
“Velo Labs is building a low-cost and instantaneous financial solution to bring inclusivity and mobility to four billion lives across the Asian Pacific. For this reason, we require an oracle solution that is not only scalable but that also has the highest security guarantee and ability to secure real-time settlements. We are excited to announce that Band Protocol will provide oracle solutions for Velo Labs.”
Chatchaval Jiaravanon, Chairman of Velo Labs
Velo Labs is building scalable financial protocol leveraging blockchain and smart contract technology to enable borderless value transfer and digital credit issuance. They are also backed by industry-leading companies across multiple verticals including but not limited to Seven Bank, Hashkey, Hanwha Investment and Securities, and the CP Group — the largest conglomerate in Thailand. Velo Labs’ industry-leading partner network is expected to facilitate over $50 billion worth of annual transactions within three years according to Tridbodi Arunanondchai, Vice Chairman and Group CEO of Lightnet.
“Integrating Band Protocol oracles can bring a wide array of use-cases, innovations and products to life through unrestricted accessibility to any external data source or API. 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.
Soravis Srinawakoon, CEO & Co-Founder
After careful coordination and research, both teams have established a clear integration plan with major milestones working towards the full integration of Band Protocol with the Velo Protocol and the entire product suite. The two parties are also committed to explore and pursue other avenues of collaboration, leveraging Band Protocol’s rich pool of real-world data and Velo Labs’ profound connections in the traditional and decentralized finance worlds.
The two primary components that form the Velo Protocol are a digital credit issuance mechanism and a digital reserve system. The VELO token acts as a bridge asset linking the value of traditional assets and digital credits and serves as the Velo Ecosystem’s universal collateral. Band Protocol will be providing secure foreign exchange and VELO token price feeds that enable users to receive the appropriate amount of digital credits corresponding to any fiat currency including GBP, JPY, EUR, USD and more. Enabling one of the Velo Protocol’s core functions using decentralized and real-time oracle data on BandChain allows Velo Labs and Band Protocol to bridge the gap between physical and digital worlds, thereby empowering millions of people in remittance and money transfer markets.
With Velo Labs and Band Protocol strategically partnered and moving forward to launch a trustless and secure digital credit issuance system — we are excited to bring alternative solutions based on blockchain technology to improve the standard of living for all the people in the Asia Pacific.