Velo Labs and iRemit partner to unlock $34B cross-border payment market in the Philippines and improve blockchain technology
Velo Labs, a leading blockchain infrastructure firm, has collaborated with iRemit, the biggest Filipino-owned non-bank remittance service provider, to provide consumers and companies with enhanced cross-border payments utilizing blockchain technology and Velo Digital Credits.
Every year, an estimated 34 billion dollars in remittances arrive in the Philippines, where they are now subject to hefty fees, lengthy delays, and a complicated network of intermediaries, all of which devalue the currency and harm those who rely on cross-border transfers. Together with iRemit, financial protocol will offer the technology and settlement network that will allow these cross-border payments to be delivered and received at a lower cost, quicker, and more securely than existing, outdated banking systems allow.
In particular, by connecting with the Velo network, iRemit can now work directly with its trusted partners to settle transactions relatively instantaneously, eliminating the need for middlemen. By merging with the project’s blockchain payment infrastructure with iRemit’s powerful, domestic settlement network, iRemit’s users – including overseas Filipinos, migrant workers, local companies and individuals – will be able to keep more of their hard-earned money.
The Velo Protocol powers the Velo Labs settlement network. This financial protocol entails issuing digital credits that are tied to a local fiat currency and used to transfer value between trustworthy parties. The Velo Token, a Velo Labs utility token, backs all digital credits, ensuring a 1:1 value between the digital credits and the underlying fiat money. This allows Velo Labs to provide a fast and efficient means to exchange value using digital credits without the danger of volatility that other digital asset protocols have.
Mike Kennedy, CEO of Velo Labs, said: “Our partnership with iRemit is a direct reflection of Velo Labs’ core mission: to build a global, decentralized, and interoperable settlement network that provides fast, reliable, secure cross-border payments. As we grow our global settlement network, we’re excited to partner with institutions like iRemit, who share our vision of empowering those who rely so heavily on cross-border payments.”
