According to PRNewswire, Stellar blockchain will be used in combination with Interstellar's tech expertise to create a platform in Asia, with Velo, that would help businesses to offer better payment products and solutions to their customers.
Velo Labs partners with Interstellar to utilize Stellar network
PRNewswire has reported that Asian fintech company Velo Labs—which created the Velo Protocol—has made a strategic partnership with Interstellar, the company that assists other businesses in creating products running on the Stellar blockchain.
Stellar Development Foundation has joined this partnership, as will the Lightnet Group later on.
Together, they plan to improve Velo's payment products that will help companies to support their business in the APAC region. Velo intends to leverage the Stellar blockchain in building a payment platform so that Velo Labs can find more partners in Asia.
Interstellar intends to become a consulting partner for Velo for issues regarding the creation of the new technical system, as well as building the community for it.
According to Interstellar's James Wu, the goal is to help Velo Labs build a system for transferring value that would be flexible, reliable and easy to scale.
Interstellar to help Velo make faster cash wires
Apart from consulting, Interstellar will help Velo to improve its existing solutions and further develop its decentralized architecture. Velo will be using the Stellar Consensus Protocol to conduct cross-border payments in a faster and less costly manner.
The Lightnet Group, which creates transnational payment products for populations with no access to the banking system, also plans to cooperate with Velo Labs for better results in this project.