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Velo (VELO) is a financial protocol built on blockchain technology, empowering businesses with seamless cross-border asset transfers and digital credit issuance. With the native currency, VELO, at its core, the platform aims to revolutionize the international remittance landscape by providing a secure and efficient solution for global transactions.
What is Velo
Using smart contracts, Velo streamlines credit issuance and facilitates cross-border transactions, bridging the gap between legacy finance, centralized finance (CeFi), and decentralized finance (DeFi. The platform incorporates a network of nodes to optimize payment processing, reducing costs and enhancing transaction speeds.
The network's native token, VELO, plays a pivotal role in maintaining and operating the Velo network. It is a medium of exchange within the ecosystem and acts as a collateral asset.
The Velo team
Velo, founded by Velo Labs Technology Ltd in 2020, is a blockchain-based platform incorporated in the British Virgin Islands. The Chairman, Chatchaval Jiaravanon, brings a wealth of experience from his 14-year tenure as Chairman of Finansia Syrus Securities. The Velo team is a group of highly experienced professionals with background in tech and financial industries. Velo's success has attracted prominent global partners, including Visa, Asia Digital Bank, and Signum Capital.
How does Velo work
The Velo Protocol functions as a financial system that issues digital credits tied to fiat currencies, with VELO tokens as collateral. This ensures a constant 1:1 value ratio between the digital credits and fiat. The protocol consists of two main parts:
- Digital Credit Issuance Mechanism: This mechanism generates digital credits linked to any fiat currency by staking VELO tokens in collateral pools.
- Digital Reserve System: The system automatically rebalances VELO token collateral pools to maintain a 1:1 value ratio between issued digital credits and their corresponding fiat currency.
The utility token of the Velo Ecosystem: VELO
VELO serves multiple purposes within the network. It acts as a medium of exchange, allowing users to transact and transfer value across the Velo network. Furthermore, VELO holders have governance rights, allowing them to participate in the decision-making process of the protocol.
VELO tokenomics
VELO serves a dual role within the Velo ecosystem. Firstly, it serves as collateral, safeguarding the digital credit issuances made by the Trusted Partner Networks (TPNs). Secondly, VELO is a bridge currency, facilitating seamless and efficient cross-border transactions.
With a total supply of 23,999,997,461 VELO tokens and a circulating supply of 7,390,475.595 tokens, the distribution of these tokens has been carefully planned to involve various stakeholders and purposes, including founders, investors, community initiatives, and ecosystem development, ensuring a diverse and inclusive allocation across the Velo network.
VELO use cases
- Cross-border remittances: Velo is primarily designed to enable fast and cost-effective cross-border remittances. Trusted partners in the Velo network can leverage the VELO token to facilitate cross-border transfers.
- Digital credit issuance: Velo enables its trusted partners to issue digital credits, which can be customized to suit the specific needs of their customers. These digital credits can be used for various purposes, such as online purchases, digital asset trading, and lending.
VELO distribution
The initial distribution of VELO tokens is as follows:
- 40 percent is allocated to community funds
- 20 percent is for the team and advisors
- 20 percent of tokens are for the ecosystem partners
- 20 percent is for the foundation
Velo: The road ahead
The Velo team has ambitious plans for the future, aiming to expand the ecosystem, enhance accessibility, and increase versatility. In their roadmap, they have outlined the addition of several exciting features, including an NFT marketplace, a lending and borrowing platform, and a decentralized exchange (DEX). These new functionalities will significantly enhance the utility of the Velo ecosystem, providing users with a comprehensive financial experience.
Moreover, Velo is committed to developing user-friendly tools and interfaces, making the platform easy to use for users of all experience levels. By prioritizing user experience and interface design, Velo seeks to ensure that its ecosystem remains accessible and user-friendly.
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