Guide: How to store VELO tokens

Note: Velo Labs does not own or have any affiliation with any of the storage options outlined below — with the exception of the exchanges that have listed VELO tokens. This guide is provided for educational, general reference and informational purposes only. Please exercise extreme caution and be aware of all the risks before engaging and transacting with cryptocurrencies.

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Storage Option 1: Hardware Wallets

Hardware wallets such as Ledger are able to store Stellar-based assets like VELO tokens. Follow this step-by-step guide to learn how to store VELO tokens on a Ledger hardware wallet. Other hardware wallets, like Trezor, follow the same basic principles.

Note: the following assumes Ledger Live version 2.19.0

Step 1: Download Ledger Live and install the official Stellar (XLM) App

As VELO tokens are Stellar-based, you must install Ledger Live’s Stellar App to deposit VELO tokens.

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• a) Click “Manager” in Ledger Live’s sidebar menu

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• b) Locate the Stellar (XLM) App and click “Install”

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Step 2: Create a Stellar Public Network Account

Before sending VELO tokens to your Ledger, you need to create a Stellar Public Network Account.

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• a) Click “Add account”

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• b) A popup window will appear. Select Stellar (XLM) and click “Continue”

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• c) Follow the prompts and input your pin on your Ledger hardware wallet. Name your account and click “Add account”

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• d) Click “Done”

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Step 3: Activate your Stellar Public Network Account

The Stellar Network requires accounts to hold a minimum balance of 1 XLM before they actually exist. It is recommended to send slightly more XLM to be able to cover future transaction fees.

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• a) Click “Receive” in Ledger Live’s sidebar menu

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• b) A popup window will appear. Click “Continue”

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• c) Follow the prompts until you see your Stellar Public Network Address/Public Key. Send at least 1 XLM to this address

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• d) Confirm that you can view your XLM in Ledger Live

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Step 4: Establish a trustline from your Stellar Public Network Account to the VELO token address

Before accepting non-XLM assets, Stellar requires that you first establish a trustline between your account and the asset’s issuer account.

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• a) Go to laboratory.stellar.org and click “Build Transaction”

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• b) Input your Address/Public Key as the “Source Account”

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• c) Click the “Fetch next sequence number for account starting with “XXXXXX”” button to generate a “Transaction Sequence Number”

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• d) Set the “Operation Type” to “Change Trust”

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• e) Set “Asset” to “Alphanumeric 4” and input “VELO”

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• f) Input the VELO issuer account ID as the “Issuer Account ID”

VELO issuer account ID: GDM4RQUQQUVSKQA7S6EM7XBZP3FCGH4Q7CL6TABQ7B2BEJ5ERARM2M5M

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• g) Click “Sign in Transaction Signer”

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• h) You will be redirected to a new window. Click “Submit Transaction”

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Step 5: Send VELO tokens to your Ledger hardware wallet

With the trustline in place, you can now safely send VELO tokens to your Stellar Public Network Account!

You can see your VELO token balance in any Stellar Network explorer.

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Storage Option 2: StellarX

StellarX, a trading app for Stellar’s universal marketplace, offers a safe way to store all Stellar-based tokens. As VELO tokens are Stellar-based, this option is a natural fit! Follow this step-by-step guide to store VELO tokens on StellarX.

Step 1: Sign up for a free StellarX.com account

Create a Stellar Public Network Account by signing up for a free StellarX.com account. Be sure to safely backup your recovery phrase and password.

Step 2: Activate your Stellar Public Network Account

Stellar requires accounts to hold a minimum balance of 1 XLM before they actually exist. It is recommended to send slightly more XLM to be able to cover future transaction fees.

• a) Click “DEPOSIT” on the StellarX.com homepage

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• b) A popup window will appear. Click “DEPOSIT LUMENS”

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• c) Note your Stellar Public Network Address/Public Key. Send at least 1 XLM to this address

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• d) Confirm that you can view your XLM in your StellarX account

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Step 3: Establish a trustline from your Stellar Public Network Account to the VELO token address

Before accepting non-XLM assets, Stellar Network requires that you first establish a trustline between your account and the asset’s issuer account.

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• a) Click “Settings” in your account dropdown menu

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• b) Click “STELLAR NETWORK”

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• c) Click “Open trustline”

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• d) A popup window will appear. Input the VELO issuer account ID as the “Asset Issuer Public Key

VELO issuer account ID: GDM4RQUQQUVSKQA7S6EM7XBZP3FCGH4Q7CL6TABQ7B2BEJ5ERARM2M5M

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• e) Input “VELO” as the “Asset Code”

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• f) Click “ADD TRUSTLINE”

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Step 5: Send VELO tokens to StellarX

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With the trustline in place, you can now safely send VELO tokens to your Stellar Public Network Account!

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Storage Option 3: Professional Custodian Services

Velo Labs has partnered with multiple professional custodial service providers, including Matrixport and BitGo.

As part of Velo Labs’ partnership with Matrixport, all VELO tokens holders — both institutional and retail — can benefit from Cactus Custody’s cutting-edge storage solutions. Users can safeguard their VELO tokens using Cactus Custody’s industry-leading hardware security modules.

Cactus Custody provides both hot and cold storage solutions while prioritizing both security and usability. When using hot wallets, users can transfer their VELO tokens at any time, without delay. Approximately 12 hours on any business day are needed to complete transfers from cold storage.

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Storage Option 4: Exchanges

VELO tokens can also be stored directly on exchanges that support the trading, deposit and withdrawal of VELO tokens. These include:

1. KuCoin,
2. Gate.io
3. Bitfinex
4. Bithumb
5. OKEx
6. Indodax
7. MEXC
8. Bitazza
9. VCC

More coming soon!

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