CP Group-backed Velo Merges with Stellar Startup Interstellar in 9-figure Deal

Abstract : The new merged entity is committed to bring the next generation large-scale innovations in financial services to everyone.

ChainDD
ChainDD

Mar 16

Velo Labs, a cross-border settlement protocol backed by Thai conglomerate CP Group, has merged with Interstellar, a payment startup that runs on the Stellar network.

By integrating Velo’s rich network of Asian institutional investors and Stellar’s payment technology expertise, the new merged entity is committed to bring the next generation large-scale innovations in financial services to everyone. In addition to Interstellar, Velo also cooperates with Swiss SEBA Bank, Kyber Network, and Visa to enhance the Velo ecosystem.  Recently, Velo and its partners have just obtained three financial service licenses in Europe and Asia.  

During the "Interstellar and Velo Labs Join Forces Global Strategy Launch Ceremony" held by Velo Labs, ChainDD and Stellar online on March 15, Catherine Li, a founding partner of CHAINDD & former senior managing director of Bank of America Merrill Lynch, has moderated a roundtable discussion.

Chatchaval Jiaravanon, Tridbodi Arunanondchai and Mike Kennedy, three leaders at Velo Labs, Jed McCaleb, co-founder and chief architect of Stellar, and Yifan He, CEO of Beijing Red Date Tech & deputy secretary general of BSN, attended the discussion and shared their insights.

Chatchaval Jiaravanon, chairman of Velo Lab, mentioned that blockchain technology would disrupt the entire financial industry, by connecting traditional finance, DeFi and centralized financial enterprises. The Velo cross-border payment addressed three major challenges in the cross-border payment field: transparency, diversification, and compliance development. After joining forces with Interstellar, Velo would achieve a wider range of applications in the field of cross-border payments.

Jed McCaleb said, "Stellar can provide strong interoperability, but it also requires a payment network like Velo as the superstructure to achieve efficient and free transfers across networks and currencies. The addition of Velo has enriched the Stellar ecosystem. The combination of the two will bring a better user experience to cross-border transfer users all over the world."

Mike Kennedy, CEO of Velo Labs is also the CEO of Zelle, the largest P2P trading platform in the United States. Mike mentioned that Velo would continue to expand to serve more regions and users.

Yifan He said that the emergence of payment digital currencies would have a huge impact on traditional commercial banks and in 5-10 years digital currencies would become mainstream. In his opinion, China's central bank digital currency would also open cross-border transfer payments in the future, but its core problem was the conflict between foreign exchange control and legal currency. In the future, BSN would also have the opportunity to cooperate with Velo to enable traditional systems to embrace blockchain technology.

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