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July 1, 2022

Mike’s Quarterly Update - Q2 2022

We’re back with another quarterly update, from our new CEO, Mike Cowans.

Hi Velo Community!

We’ve seen some positive changes over the past few months here at Velo, and I’m thrilled to be bringing my first quarterly update to you as the new CEO of Velo Labs. 

Firstly, I want to start off by saying how excited I am to be part of this project. Velo has a unique and differential value proposition that truly sets us apart from the majority of crypto projects.

Our mission is to ensure everyone has access to the best financial solutions, with the best experience, at the lowest cost and we believe our solutions, leveraging blockchain technology, will significantly improve international payments, delivering faster, cheaper and more secure payments to millions worldwide.  

We are creating a future where global remittance is cheap, available to anyone and takes minutes, not days and I can’t wait to bring the future to life!

Now onto business… 

EVRY & VELO

The first thing I want to touch on, is really the biggest announcement this month – that of our merging with EVRY.

Firstly, if you’re not familiar with Evry, Evry provides infrastructure that enables developers and businesses to build an unlimited number of Centralized/Decentralized Finance applications, which are interoperable with many of the world's leading blockchains. We’ve been long standing partners with Evry. In fact, the Evry.Finance platform has had an integration with the Velo Protocol since inception and the project’s team at Evry has worked to provide a staking platform for Velo tokens to retail crypto traders.

So this merger widens the portfolio of our in-market products and gives us the opportunity to leverage the strength of each project’s technology. It also aligns team resources and takes advantage of natural cross-project expertise between the Velo and EvryNet teams that will be beneficial to building out our various products. 

Ultimately, we will deliver products that improve access to financial infrastructure while furthering the growth of decentralized finance. Over the coming weeks and months, you’ll see some changes to the position of our brand, and you’ll also see the absorption of some of EVRY’s DEFI products into the Velo platform. Stay tuned for updates!

GLOBAL REMITTANCE

My goal joining Velo is to continue driving growth on all fronts: product development, partnerships, market adoption and share. And in relation to our primary use case, that of improving international remittance, I have the same passion for growth. After all, this is where we will ultimately ensure unmatched longevity of the Velo Project. 

So on the remittance front, we’re continuing to make some solid progress in activating our corridors and working with our partners to use our blockchain payment network to facilitate cross-border payments.

 

Currently our active partnerships span across Europe, the UAE, Africa, and, of course, SE Asia, but we are working on adding even more to the mix in the coming months.

We are also in the beginning stages of conceptualizing a sophisticated Velo “Portal” that will allow our trusted remittance partners to seamlessly and effortlessly integrate with the Velo Protocol, as well as treasury manage their digital credit balances and keep track of every transaction through the network. Again, we are in discovery stages right now, and busy gathering requirements, but we look forward to bringing you further updates on this in the future.

DEFI

Moving onto DEFI… As mentioned above, Evry is a specialist in the CeDeFi world - they already operate a fully fledged DEX and so with their expertise, we have now massively amplified our potential offerings to all of our holders.

What this translates to for you, our community, are some great staking and yield farming opportunities on the very near horizon. Keep your eyes peeled for announcements on all our social media channels. 

We are also really excited to be forging ahead with our FCX trading platform, a platform built from the ground up with traders in mind. If you are not familiar with the FCX platform, I would recommend checking out our blog or website for further details - we have some great resources available and some sneak peeks of what the platform has to offer.

The premise and power of FCX is to ultimately remove correspondent banks from the traditional model and give financial institutions the ability to trade between themselves. We’re keen to bring on board passionate traders to the platform and we know our community is excited to take part.

As I had mentioned in my AMA this month, we are now shifting into our early access phase and we are on track to launch the full “General Availability” phase by the end of Q3. The ‘early access’ will include a waitlist for access to the platform soon, where our community can answer some questions about their trading profile and get on a waitlist for early access.

The FCX platform is going to be a great addition to our product suite, and again, with the help of the merged Evry team, we are going to see some sophisticated advancements as the platform grows. It will be worth the wait we promise!

FINAL THOUGHTS

Looking forward into Q3, we are committed to continue our mission of providing cheap, secure and stable international remittance, powered by the blockchain, and to position our project as the leader in the CeDeFi space.

There is an increased appetite for more stable digital assets, especially in light of the most recent failure of the Terra / Luna ecosystem and stablecoin, and both retail and institutional traders are demanding more robust standards and assurances of digital currencies and stable coins. 

While geopolitical uncertainty has played a role in the short-term drop in crypto currencies, the underlying economic need for a cheaper, faster cross-border remittance network remains strong and I would argue it’s more important now than ever, given the economic turbulence we are all facing.

Our partners have also recognized this need and it’s a prime reason they are working with us to build a more efficient remittance solution for cross-border payments.

Retail investors and users are also demanding more flexibility within and between exchanges to provide easier and quicker access to their holdings. This aligns very well with the EvryNet platform and product roadmap.

So in summary, here at Velo we are excited to be advancing our mission and filling these gaps in today’s financial services. We’re glad you’re here joining us on this journey.

Until next time!

Yours truly,

Mike Cowans, CEO