Stellar Blockchain Remittance Corridor To Enable Thailand–Europe Payments
The new cross-border remittance corridor by partnership of Velo Labs, TEMPO Payments and Bitazz will be hosted on the Stellar blockchain and serve $17 billion payment volume and around 600 million customers.
Cross-border remittance currently stands as one of crypto’s best use cases that will thrust it into mainstream finance. Running parallel to this trend, a new partnership between Velo Labs, TEMPO Payments and Bitazz has now resulted in a $17-billion remittance corridor between Europe and Thailand.
Using Velo Labs’ blockchain-based financial protocol, local financial institutions Tempo Payments and Bitazza will host the cross-border remittance service, connecting Thailand and 27 European countries.
The corridor will be hosted on the Stellar blockchain and will make use of Velo tokens and Velo digital credits for the on-chain transactions. The new corridor will be serviceable for around 600 million customers across the Southeast Asian nations and Europe.
The announcement said that all three partner companies intend to deliver a faster and cheaper money transfer option “by relying on their respective networks.”
Mike Kennedy, CEO of Velo Labs commented:
“What we’ve launched today is a validation of our core mission: building a global, decentralized, and interoperable network that will allow businesses and individuals alike to securely and instantly transfer value across the globe. Velo Labs wants to make cross-border transactions faster, cheaper, and more reliable for everyone; this first step starts us down the path of that reality.”
Suren Ayriyan, CEO, TEMPO Payments said:
“This is only the beginning of our vision to service millions of individuals in Asia and beyond. We hope to continue working with Velo Labs to exponentially increase our currency corridors and offerings, providing cheap, secure and fast global money transfers to all TEMPO Payments customers, both existing and new.
Kevin Heng, Chief Strategy Officer of Bitazza, stated:
“Bitazza is pleased to work in conjunction with Velo and TEMPO Payments to help facilitate the launch of this Europe to Thailand remittance corridor. This program will contribute towards improving and raising the standard of financial inclusion and mobility for millions of users worldwide, and is another step forward in our shared commitment to fundamentally change the global remittance industry and push Thailand/South East Asia as the global frontier for next-generation financial innovation.”
The BOT also raised concerns about the widespread use of crypto, asking users to avoid paying in crypto for goods and services. The BOT also plans to involve agencies such as the Securities and Exchange Commission “to ensure that they (digital assets) do not pose extensive risks to the general public or the economic and financial system.”
