Stellar expands Philippines remittance corridor in latest partnership move

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Tomiwabold Olajide

Stellar-backed Velo Labs and Philippine Digital Asset Exchange (PDAX) have collaborated in a new partnership

In a statement, Stellar-backed Velo Labs and Philippine Digital Asset Exchange (PDAX) announce a new partnership to open a remittance corridor to the Philippines using the Stellar network. PDAX is one of the leading digital asset exchanges in the Philippines that allows Filipinos to buy and sell currencies and virtual assets.

Founded in 2018, Velo Labs is backed by the CP Group and Stellar Network (XLM). Velo Labs currently serves business partners in the Southeast Asian remittance and money transfer markets.

The Velo protocol developed by Velo Labs enables its trading partners to issue digital credits through a smart contract layer, using the Stellar Consensus protocol to process and settle transactions. Earlier in March, Velo Labs announced a merger with Interstellar, a payment startup that runs on the Stellar network.

XLM Awards and Other Developments

The Stellar Development Foundation announcement the launch of a $30 million matching fund to support blockchain-based start-ups a few weeks ago. Initial investments will support global payroll, remittances, NFT and cross-border solutions.

The fund was created by SDF to provide more early-stage startups with capital to help them grow and develop blockchain-based solutions. This is particularly important in markets where venture capital ecosystems are underdeveloped, particularly in relation to the demand for funding from entrepreneurs developing financial services solutions.

Stellar is a cross-currency trading system and platform for issuing digital assets that aims to connect the global financial infrastructure. The Stellar network, which already has more than six million accounts, would be used by several financial institutions around the world to issue assets and settle payments.

Stellar’s token, XLM, was trading at $0.211 at press time, up 2.39% in the past 24 hours, according to CoinMarketCap. It has a market capitalization of $5.2 billion and ranks 31st.

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