According to the information shared by Velo Labs, it has made an Alliance with non-bank remittance issuer, iRemit to bring a double-digit billion-dollar international payment market into the Philippines.
With this new development in the financial market of the Philippines, the ability to perform cross-border payments will give the people and respective businesses not only the chance to develop relationships with international dealers but will also help them receive payments from their loved ones working outside the country, giving the advantage of the power of blockchain technology and the Digital Credits system facilitated by Velo Labs into the hands of those who need it.
Struggle with Traditional Systems
Shedding light towards the financial market of Philippines, around $34Billion worth of international remittances are coming into the Philippines every year, but the problem with this is that these remittances are hammered with issues such as, high transaction fees, several delays and a plethora of complicated steps that have not only made life difficult for people who are dependent on these remittances but have also plagued the economy of the country in general for many years.
Blockchain System Benefits
This new blockchain cross-border payment technology system will make sure that international payments can be done, quicker, easier and at a much cheaper cost, while also making these transactions much more secure than traditional financial payment systems used in the country.
By working with the Velo Network, iRemit can communicate with its trusted partners in a way that is more direct, and perform transactions in a much safer environment, without having to utilize the services of negotiating agents. Users of iRemit will be benefited the most, giving both the local and overseas Filipinos the chance to make the most out of their hard-earned wealth.
The Velo Protocol and Token
The Velo network is mostly carried by its own Velo Protocol, which is basically a process that handles the distribution of digital credits, which are connected to the local fiat currency, in order to transact values among trusted partners. Every digital credit is backed by the utility token called the Velo Token, which maintains a one-to-one ratio between digital credits and traditional currency.
James Thompson