The partnership between Velo Labs and Solana Foundation has signed a Memorandum of Understanding (MOU) to establish a clearing house for transactions related to Laos’ Digital Gold. The strategic initiative aims to expand Laos’ Digital Gold user base and promote connectivity and accessibility across different blockchain networks.
Under the agreement, Solana will serve as the blockchain settlement layer while Velo will act as the backbone infrastructure layer and designated clearing house. Velo’s role also includes securely validating transactions, upholding trust, and ensuring the smooth execution of contractual obligations.
The collaboration also entails enhancing interoperability between Solana’s L1, Nova, and EVM-compatible chains and implementing liquidity management protocols for assets on the Solana blockchain. These protocols will first be introduced in Southeast Asia and then globally.
Velo Labs, a pioneer in Web3-based financial solutions, offers a liquidity and settlement network for secure value transfers. With backing from Stellar Network and CP Group, Velo Labs serves partners worldwide, connecting traditional banking infrastructure with Web3. Their product range, including Orbit, caters to individuals, merchants, corporations, and enterprises, focusing on global financial connectivity and accessibility.
The partnership between Velo and Solana Foundation, the firm behind Solana (SOL) cryptocurrency, is a significant step towards meeting the demand for cross-chain transactions and contributing to the growth of the Web3 ecosystem. Share this article and explore the categories and tags related to this exciting collaboration.
