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Blockchain

The Velo Protocol Enables Real-World Adoption, Solves Issues with Digital Credits

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The Velo Protocol, a blockchain financial protocol enabling digital credit issuance and borderless asset transfer for businesses using a smart contract system, is poised to become the world’s largest digital credit protocol, capable of generating trillions of dollars worth of digital credits in service of numerous real-world use cases including cross-border remittance, lending, payment and loyalty point programs. It is created by Velo Labs.

The Velo Protocol solves three major issues currently plaguing the adoption of digital credits: a lack of transparency, limited versatility, and inadequate regulatory compliance.

  • Velo emphasizes transparency. Centralized digital credits lack the necessary independent audits to verify its fiat currency reserves. Many are accused of impropriety that lead to reasonable concerns about over-issuance and result in crippling price fluctuations. The Velo Protocol does not require a fiat currency reserve. The Velo Protocol issues digital credits only after staking VELO tokens as collateral. Collateral guidelines follow Digital Reserve policies to ensure liquidity. All staked VELO tokens are publicly recorded on the blockchain.
  • Velo emphasizes versatility. Decentralized digital credits are impractical for real-world adoption as they suffer from inflexible use cases. While several have addressed issues of trust and transparency by using cryptocurrencies like Ethereum as collateral, they remain pegged to a single fiat currency – usually USD. This may work for businesses that are already USD-dominant, but the vast majority of businesses worldwide must make transactions in their local currency. Unlike existing digital credits, the Velo Protocol can issue digital credits pegged to any fiat currency.
  • Velo emphasizes regulatory compliance. Existing digital credits do not sufficiently emphasize regulatory compliance. Many shirk their responsibility to actively prevent money laundering activities and lack the necessary AML/KYC solutions to adhere to regulators’ compliance requirements. The Velo Protocol is designed with regulatory compliance in mind. To issue digital credits using the Velo Protocol, an individual must first join Velo’s network of Trusted Partner by completing a series of qualification audits and AML/KYC procedures.

Velo Labs recognizes the opportunity for a fully transparent, useable, and compliant digital credit protocol and has entered into an agreement with Lightnet. Lightnet, a Singapore-headquartered fintech company dedicated to improving the lives of the unbanked and underbanked populations throughout Asia Pacific, is building an inclusive international remittance ecosystem around the Velo Protocol. Lightnet is co-founded by industry figurehead Chatchaval Jiaravanon, whose family controls Thai conglomerate Charoen Pokphand Group. This real-world use case already positions the Velo Protocol among the upper echelon of digital credit protocols on the market.

Tridbodi Arunanondchai, Vice Chairman and Group CEO of Lightnet continues: “The Velo Protocol’s compliance-focused approach makes Velo Labs a perfect match for Lightnet. We are excited by the real-world use cases that the Velo protocol makes possible.”

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Blockchain

Bybit Expands bbSOL Yield Opportunities Through Strategic DeFi Partnerships

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This Week in Finance News: 11 Stories You Need to See

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With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.

The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.

  1. Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
    By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few.
  2. Cardinal Health announces two strategic additions to its portfolio
    Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash.
  3. BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
    This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems.
  4. Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
    “I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands.
  5. Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
    The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately.
  6. PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
  7. Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
  8. Finaya Unveils Nationwide Homeownership Platform
    From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient.
  9. GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
    Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too.
  10. GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
    This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics.
  11. Most US shoppers are encountering generative AI while shopping without realizing it
    A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.

For more news like this, check out all of the latest finance-related releases from PR Newswire.

Do you have a finance press release to distribute? Sign up with PR Newswire to share your story with the audiences who matter most.

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Helping Journalists Stay Up to Date on Industry News

These are just a few of the recent press releases that consumers and the media should know about. To be notified of releases relevant to their coverage area, journalists can set up a custom newsfeed with PR Newswire for Journalists.

Once they’re signed up, reporters, bloggers, and freelancers have access to the following free features:

  • Customization: Users can create customized newsfeeds that will deliver relevant news right to their inbox. Newsfeed results can be targeted by keywords, industry, subject, geography, and more.
  • Photos and Videos: Thousands of multimedia assets are available to download and include in a journalist or blogger’s next story.
  • Subject Matter Experts: Journalists will have access to ProfNet, a database of industry experts to connect with as sources or for quotes in their articles.
  • Related Resources: Our journalist- and blogger-focused blog, Beyond Bylines, features regular media news roundups, writing tips, upcoming events, and more.

The post This Week in Finance News: 11 Stories You Need to See appeared first on .

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Blockchain

Fintech as a Service Market: A Comprehensive Trends Analysis Predicts a USD 1,329.12 Billion by 2032 CAGR: 17.4% | PMR

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