Velo Labs Partners with TrueUSD to Fortify Web3 Financial Solutions Jan 23, 2024 Jan 23, 2024 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsJanuary 23, 2024 by Kelly Cromley

Velo Labs Partners with TrueUSD to Fortify Web3 Financial Solutions

In a notable development aimed at enhancing stability and user security, Velo Labs has announced a significant collaboration with TrueUSD (TUSD), a leading USD-pegged stablecoin known for its live on-chain attestations. Despite Velo’s recent strides in Web3-based financial solutions, the company remains dedicated to solidifying its position as a trusted provider in the space.

TrueUSD Collaboration to Boost Stability of Velo’s USDV

The collaboration with TrueUSD, recognized for its reliability as a stablecoin, seeks to enhance the stability of Velo’s native stablecoin, USDV. This improvement involves utilizing TUSD as collateral within Velo’s Web3+ Ecosystem, introducing an additional layer of security to the stablecoin. Velo Labs has ambitious plans to expand its multi-chain interoperability in 2024, with imminent support for this feature.

TUSD Cross-Chain Swapping on Velo’s Universe Platform

Currently, users can leverage TUSD cross-chain swapping on Velo’s over-the-counter (OTC) platform, Universe. This collaboration introduces an alternative method for settling remittances using TUSD within Velo’s Web3+ Ecosystem. The integration of TUSD for remittance processes is expected to streamline and enhance efficiency, particularly in cross-border transactions.

Improved Functionality for Velo’s Orbit Cryptocurrency Payment Gateway

Velo’s popular product, Orbit, a cryptocurrency payment gateway facilitating seamless transactions, will undergo significant improvements through the integration of TUSD. This enhancement aligns with Velo’s mission to simplify cryptocurrency transactions globally, catering to a broad audience of individuals, merchants, corporations, and enterprises.

Velo Labs Leading the Way in Web3-based Financial Solutions

Velo Labs, recognized as a global frontrunner in Web3-based financial solutions, operates an advanced liquidity and settlement network for secure and efficient value transfers. With support from Stellar Network and CP Group, Velo Labs has expanded its global reach, bridging the gap between traditional banking infrastructure and Web3, leading the blockchain mass adoption movement.

Extensive Web3-based Products and Global Accessibility

In partnership with its licensed settlement partner Lightnet, Velo Labs offers a range of Web3-based products, including the widely-used Orbit. Tailored for diverse entities worldwide, Velo Labs is committed to empowering global financial connectivity and expanding accessibility on a global scale.

TrueUSD’s Distinctive Features and Integration

TrueUSD stands out as the first USD-pegged stablecoin with live on-chain attestations by independent third-party institutions. Listed on over 100 trading platforms and integrated with 10 mainstream public chains, TUSD ensures daily attestations by MooreHK, enhancing transparency and reliability through Chainlink’s Proof of Reserve.

Future Impact on Web3-based Financial Solutions

In essence, the collaboration between Velo Labs and TrueUSD holds great promise for the future of Web3-based financial solutions, marking a significant leap toward a more secure, transparent, and efficient global financial ecosystem. As these pioneers join forces, the impact on stability, security, and accessibility in the world of decentralized finance is poised to be substantial.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.