- This strategic initiative goals to broaden the consumer base of digital gold in Laos.
- Solana will act as a blockchain settlement layer.
- Velo can be accountable for securely verifying transactions.
Velo and Solana Basis have signed a memorandum of understanding (MOU) to ascertain a clearinghouse for transactions associated to Lao digital gold.
In accordance with the signed settlement, Solana will act because the blockchain settlement layer, whereas Velo will function the spine infrastructure layer and designated clearing home.
Velo’s position contains securely verifying transactions, sustaining belief, and guaranteeing clean success of contractual obligations.
The memorandum additionally contains plans to enhance interoperability between Solana L1, Nova and EVM-compatible chains and assist connectivity and availability throughout completely different blockchain networks.
The partnership additional contains the implementation of liquidity administration protocols, together with on-ramp and off-ramp services for belongings on the Solana blockchain. These protocols will initially be rolled out in Southeast Asia earlier than being rolled out globally.
Velo Labs’ web3 monetary resolution
Velo Labs, a worldwide pioneer in Web3-based monetary options, provides a liquidity and settlement community for safe worth transfers.
Backed by Stellar Community and CP Group, Velo Labs serves companions worldwide, connecting conventional banking infrastructure with Web3.
Their product line, together with Orbit, is for people, retailers, firms and companies worldwide and focuses on world monetary connectivity and accessibility.
The collaboration between Velo and the Solana Basis, the corporate behind the Solana (SOL) cryptocurrency, represents a significant advance within the area of digital asset transactions that goals to fulfill the rising demand for cross-chain transactions and contribute to the expansion of the Web3 ecosystem.
