Stellar (XLM): Billionaire Jiaravanon's Velo Labs buys Interstellar
#Velo #Labs, the blockchain-based financial protocol that provides digital credit and cross-border payment service to businesses using smart contracts , has acquired #Interstellar.
↘️Today, with the official announcement, Interstellar, founded by Jed McCaleb, the creator of Velo Labs and Stellar, merged. The goal is to develop the Stellar-based payment network.
✔️Velo Labs, the cross-border payment protocol supported by the Thai conglomerate CP Group, made this move to provide both faster and cheaper cross-border payments in the Stellar blockchain and the South Asian region, while San Francisco-based Interstellar similarly used Stellar technology more in international payment systems. wanted.
🌐The price of the purchase is 9 digits🌐
The two companies, which have been working together since January 2020, already had strategic partnerships on many issues. According to reports in the US media, this acquisition of Velo Labs was made with a payment reaching up to 9 digits in dollar terms.
Following this merger, Interstellar CEO Mike Kennedy and CTO James Wu will serve as the new CEO and CTO of Velo Labs.
🚨Chatchaval Jiaravanon, the son of the Thai dollar billionaire Chearavanont family, who controls the CP Group behind Velo Labs, will continue to serve as chairman of both Velo Labs and Lightnet. Jiaravanon is also the owner of the world famous Fortune Magazine.
Charoen Pokphand Group (CP Group) is not only Thailand's largest private company, but also one of the world's largest conglomerates.
↪️Speaking about the merger of the companies, Jiaravanon used the following statements:
“This agreement is very important to us. It marks the end of the development phase of our company and the beginning of our growth. Working together of the two companies will allow Velo's ecosystem to grow faster and more to meet the growing needs of our partners ”.
CEO Kennedy said that with this merger, both Velo and Interstellar will focus on making revolutionary improvements in international payments using Stellar blockchain technology, especially in the South Asia region.
Since last year, Velo has passed important milestones in many projects. For example, Velo token was issued on the Stellar network , while VELO was listed on exchanges such as KuCoin, VCC, OKEx, and MXC. The first live transaction was carried out on the "Federated Credit Exchange Network (FCX)" in December 2020, after the development of the basic features of the Velo protocol was largely completed .
🚨"A huge step for our ecosystem"🚨
Velo also aims to increase the recognition of the Velo protocol and increase the number of transactions through Stellar DEX and Velo FCX.
Speaking on the subject, Jed McCaleb, founder of the Stellar network and Interstellar, said:
“This step is a huge step for our ecosystem, which has the serious potential to attract more people to the network, expand into new regions in Asia and create new business opportunities for both Velo and Stellar. This step brings us closer to a future where the global financial infrastructure is converging so that faster, cheaper and more accessible transactions can be made ”.