Tuesday, 28 May 2024
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Velo and Solana partner to establish a clearing house for Laos’ Digital Gold

Velo and Solana partner to establish a clearing house for Laos' Digital Gold

  • This strategic initiative aims to expand Laos’ Digital Gold user base.
  • Solana will act as the blockchain settlement layer.
  • Velo will be responsible for securely validating transactions.

Velo and the Solana Foundation have signed a Memorandum of Understanding (MOU) to establish a clearing house for transactions related to Laos’ Digital Gold.

Under the signed agreement, Solana will act as the blockchain settlement layer, while Velo will serve as both the backbone infrastructure layer and the designated clearing house.

Velo’s role involves validating transactions securely, upholding trust, and ensuring the smooth execution of contractual obligations.

The MOU also includes plans to enhance interoperability between Solana’s L1, Nova, and EVM-compatible chains, promoting connectivity and accessibility across different blockchain networks.

Furthermore, the partnership entails implementing liquidity management protocols, including on-ramp and off-ramp facilities for assets on the Solana blockchain. These protocols will initially be rolled out in Southeast Asia before expanding globally.

Velo Labs’ web3 financial solutions

Velo Labs, a global pioneer in Web3-based financial solutions, offers a liquidity and settlement network for secure value transfers.

With backing from Stellar Network and CP Group, Velo Labs serves partners worldwide, connecting traditional banking infrastructure with Web3.

Their product range, including Orbit, caters to individuals, merchants, corporations, and enterprises worldwide, focusing on global financial connectivity and accessibility.

The collaboration between Velo and Solana Foundation, the firm behind Solana (SOL) cryptocurrency, represents a significant advancement in the realm of digital asset transactions, aiming to meet the rising demand for cross-chain transactions and contribute to the growth of the Web3 ecosystem.

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