Velo Labs, Tempo Payments and Bitazza, have partnered to host Thailand’s new cross-border remittance corridor which will connect it to 27 European countries and serve around 600 million customers.
A new partnership between Velo Labs and two financial institutions has resulted in a $17 billion remittance corridor between Europe and Thailand, which runs parallel to this trend.
Tempo Payments and Bitazza, two local financial organizations, will host the cross-border remittance service, which will connect Thailand and 27 European countries, using Velo Labs’ blockchain-based financial protocol.
For on-chain transactions, the corridor will be housed on the Stellar blockchain and will use Velo tokens and Velo digital credits. Around 600 million users from Southeast Asian countries and Europe will be served by the new corridor.
According to the release, the three partner firms plan to provide a speedier and less expensive money transfer alternative “by leveraging their unique networks.”
The Bank of Thailand (BOT) recently issued a warning against crypto holdings, citing money laundering, theft, and price volatility as hazards.
The BOT also expressed concern over the widespread use of cryptocurrency, advising consumers to avoid buying products and services with cryptocurrency.
If not, the BOT intends to work with institutions like the Securities and Exchange Commission to “ensure that these (digital assets) do not pose significant hazards to the general public or the economic and financial system.”
