In a release, Stellar-backed Velo Labs and Philippine Digital Asset Exchange (PDAX) announce a new partnership to open a remittance corridor into the Philippines using the Stellar Network. PDAX is a top digital asset exchange in the Philippines that enables Filipinos to buy and sell virtual currencies and assets.
Founded in 2018, Velo Labs is backed by the CP Group and Stellar Network (XLM). Velo Labs currently serves business partners in the remittance and money transfer markets of Southeast Asia.
Velo Protocol developed by Velo Labs enables its business partners to issue digital credits via a smart contract layer, using the Stellar Consensus Protocol to process and settle transactions. Earlier in March, Velo Labs announced a merger with Interstellar, a payment start-up that runs on the Stellar network.
XLM price and other developments
The Stellar Development Foundation announced the launch of a $30 million matching fund to support blockchain-based start-ups a couple of weeks ago. The initial investments will support global payroll, remittance, NFT and cross-border solutions.
The fund was established by SDF to offer more early-stage startups with capital to help them expand and develop blockchain-based solutions. This is especially important in markets where venture ecosystems are underdeveloped, especially when compared to demand for funding from entrepreneurs developing financial services solutions.
Stellar is a cross-currency transaction system and platform for the issuance of digital assets that aims to connect global financial infrastructure. The Stellar network, which already has over six million accounts, is reportedly used by several financial institutions around the world to issue assets and settle payments.
Stellar's token, XLM, was trading at $0.211 at the time of publication, up 2.39% in the last 24 hours, according to CoinMarketCap. It has a market cap of $5.2 billion and is ranked 31st.