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The price of $VELO, the native token of the Velo Protocol, a financial ecosystem that uses blockchain technology to offer fast and efficient transactions, has experienced a meteoric rise amid the project’s growing popularity in Southeast Asia.
Over the past year, $VELO has seen a staggering increase of 453.54%. The token’s price rose from a low of approximately $0.002581 in late 2023 to a high of around $0.029 in mid-2024. The token is also up 15.83% over the past month.
However, the token has experienced a pullback after the recent gains. The VELO crypto price dropped by approximately 6.12% over the last 24 hours, falling from $0.01584 to around $0.01487.
According to data from CoinMarketCap, VELO’s market capitalization is currently around $109.87 million, ranking #325 by market cap. Furthermore, its 24-hour trading volume is $11.86 million, with a volume-to-market cap ratio of 10.77%.
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What is Velo?
Developed by Velo Labs, Velo is a blockchain financial protocol that aims to facilitate digital credit issuance and borderless asset transfers for businesses.
The protocol uses blockchain technology and smart contracts to ensure secure and transparent transactions, improving cross-border payment. For this reason, the project is referred to as the “$XRP of Southeast Asia“.
📈🗣️ $VELO has been gaining a great deal of traction amongst #crypto traders lately, being referred to as the "XRP of South East Asia". In 6 weeks, its price is +358%. Meanwhile, $UMA has seen a big jump in interest following its +50% gain over the past 36 hours.
See the… pic.twitter.com/RXqzLd4J0m
— Santiment (@santimentfeed) May 10, 2024
Velo Labs is a Web3 financial solutions company that offers liquidity and settlement networks. Backed by the Stellar Network, it initially focused on Southeast Asia and the Pacific but has since expanded its reach, serving partners worldwide.
Notably, VELO tokens are the native utility tokens of the protocol. They serve as collateral for digital credits and are also used to pay transaction fees within the ecosystem.
What Fueled Velo’s Growth?
Several factors have contributed to VELO’s rapid ascent, most notably its partnerships with industry leaders like iRemit, Visa, and Lightnet. These collaborations have expanded VELO’s reach, further building its position in the realm of cross-border payments and digital finance solutions.
For example, in recent VELO news, the protocol’s partnership with iRemit, a major remittance service provider, has bolstered its presence in the Southeast Asian market, a region where cross-border remittances play a crucial role in the economy.
Furthermore, earlier this week, Velo Labs secured a second strategic investment from UOB Venture Management (UOBVM), the private equity and venture capital arm of United Overseas Bank (UOB).
“The continued support from UOB Venture Management, combined with the recent integration of BlackRock’s tokenized products, marks an exciting new phase for Velo Labs,” said the management team of Velo Labs.
“We are bringing together the best financial technologies to create a truly interconnected ecosystem, and this is just the beginning. With these resources and strategic support, we’re poised to reshape how financial transactions happen globally.”
🚀 Big Update, Velorians!
Velo Labs secures a second strategic investment from UOB Venture Management, solidifying UOB’s confidence in our vision for the future of blockchain-powered finance ✨
With recent integrations like BlackRock’s tokenized Treasury Fund through… pic.twitter.com/sontxbQZVs
— Velo Official (@veloprotocol) September 18, 2024
Velo Labs has also integrated BlackRock’s tokenized short-term Treasury Fund (BUIDL) into its ecosystem, providing yield-enhanced solutions to over one million users in Southeast Asia. The integration is facilitated through Securitize’s bond-backed instruments.
The Bottom Line
Velo’s blockchain-based financial ecosystem, with a particular focus on Southeast Asia proving to be a winning strategy for the project. This has even allowed the project to emerge as a contender to other major blockchain-based digital payment networks, including Ripple.
