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HomeCrypto NewsMarketA $17 Billion Remittance Corridor Between Europe And Thailand Opens On The Stellar Blockchain

A $17 Billion Remittance Corridor Between Europe And Thailand Opens On The Stellar Blockchain

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A remittance corridor has been opened between the 27 European Union (EU) countries and Thailand on the Stellar blockchain.


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Velo Labs, which aims to develop a global payment network build on Stellar blockchain announced a partnership with two companies, TEMPO Payments and Bitazza.

Stellar Blockchain is a platform created to facilitate remittance and online transactions. It uses its own SCP (Stellar Consensus Protocol), a consensus-building algorithm, to develop a high-speed, low-cost remittance network.

Velo Labs, which has built a global payment network, has partnered with TEMPO Payments, a major EU partner of Stellar Blockchain, and a cryptocurrency trading platform in Thailand, Bitazza. Because of this partnership, International remittances between 27 countries covering the EU and Thailand have become possible.

Velo Protocol Writes:

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“Through this partnership with Velo Labs, TEMPO Payments and Bitazza, both licensed financial institutions, are leading the way in revolutionizing international payments by connecting the ASEAN and EU markets, representing about $17 billion and nearly 600 million customers.”

This international money transfer transaction utilizes the Velo protocol, the Velo coin (VELO), Velo digital credits and Stellar blockchain, by utilizing the Stellar blockchain these transactions can be settled in a few seconds.




In the existing financial system, the time and cost required for global remittance are major issues, and these three companies are focusing on improving these inefficiencies. By combining each network with Velo Labs decentralized technology, it has succeeded in providing a fast, low-cost, secure remittance method between Europe and Thailand.

According to Velo, the international remittance market between Europe and the Southeast Asian (ASEAN) region engage 600 million customers with market size of 17 billion dollars.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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