Blockchain
The Velo Protocol Enables Real-World Adoption, Solves Issues with Digital Credits
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
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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