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