Velo Labs, a blockchain based financial protocol, and Philippine Digital Asset Exchange (PDAX), a cryptocurrency exchange, have teamed up to bring improved cross-border payments to the Philippines using the transformational power of blockchain technology. The partnership will open a remittance corridor into the Philippines using the Stellar Network.
The Philippines is undeniably a huge market to serve as it receives an estimated $34 billion each year through the numerous Overseas Filipino Workers (OFW) globally and the growing digital payment transactions. However, traditional cross-border payments are increasingly slow, expensive, and would require a number of intermediary institutions to settle the transactions.
With this recent collaboration, Velo Labs and PDAX aim to improve on the current inefficiencies by leveraging Velo Labs’ blockchain payment infrastructure. By using this technology, these firms will strive to bring “secure, near real-time, and low-cost payments to both the Philippines cross-border market and end consumers.”
Kennedy also added that together with PDAX, they can offer the Philippines cross-border market a “much more efficient way to send and receive international payments.”
“Velo Labs has been incredibly valuable in the effort to help bring these new services to market. We look forward to supporting them in enabling greater financial inclusion through similar, innovative technologies.” –PDAX
PDAX is a homegrown digital assets exchange in the Philippines. It is also a Banko Sentral ng Pilipinas-regulated financial entity. Recently, it has raised more than $50 million in a funding round to cater to the growing NFT and play-to-earn market in the Philippines. (Read more: PDAX Raises $50M to Support NFT and Play-to-earn in the Philippines)
This article is published on BitPinas: Velo Labs and PDAX to Open Remittance Corridor in PH Through Blockchain
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