- Velo Labs, which is a blockchain infrastructure firm, has partnered with iRemit – the biggest non-bank provider of online money transfer services that is owned in the Philippines.
- The new pairing will aim to improve access to money transfer products, including through the use of blockchain services.
- “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,” said a senior figure at Velo Labs.
iRemit, a major provider of remittances and cross-border payment services in the Philippines market, has announced a partnership with a blockchain infrastructure firm.
iRemit, which is the biggest non-bank provider of such services that is owned in the Philippines, said that it had struck a deal with Velo Labs.
The aim of the pairing is to offer firms and individuals the chance to gain access to better international money transfer services.
This will be done through the use of blockchain, as well as in-house Velo Digital Credits.
The settlement network offered by Velo Labs is decentralised.
It is brought to life using the Veto Protocol, which sees the digital credits issued.
These credits are backed up by a so-called ‘utility token’, which is known as the Velo Token.
These constantly stay at the same value as an underlying fiat, or traditional, currency.
The firm emphasises that this can make the token more stable than some other digital assets, which are not backed in this way.
In a statement, a senior figure at Velo Labs said that the pairing with iRemit reflected the central goals of his organisation.
Mike Kennedy, who is the chief executive officer, explained that the firm’s mission is to create an international, “decentralized, and interoperable” network for speed, reliability, and more.
“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,” he said.
He added that the company was “excited” about the new partnership – and the two organisations had overlapping visions.
“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,” he explained.
iRemit, meanwhile, is a major provider of cross-border services in the Philippines market.
It has operated in that sector for more than 20 years.
It focuses in particular on providing secure transfer options as well as ones that are cost-effective and high on reliability.
It is particularly popular in the Philippines market where there is a high rate of cross-border payments.
According to one set of studies, over US$30bn of remittances are transferred into the Philippines every year.
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