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November 28, 2023

Mike's Quarterly Update - Q3 2022

Mike Cowans, Velo Labs' Interim CEO, shared his takes on the project's progress and his views for the future.

Hi Velo Community!

Q3 has come to an end and I’m very proud to say that we have achieved a great deal of milestones over the last 3 months. I want to reaffirm to you, supporters of all kinds: investors, partners, and fans, that we are working strategically and diligently to develop products that seamlessly connect centralized and decentralized finance for both retail and institutions. We are grateful to you all for believing in our project.

The Velo team is creating a seamless flow of fiat and digital assets that comply with existing regulations. “Financial mobility and inclusion for everyone” has remained our core value. In the past quarter, we have made progress in all areas: corporate, product, partnership, and community. Now, let’s dive in and see what we have for you!

$50M to fuel the development of the Velo Protocol's Technology

Lightnet Group has successfully raised $50M From LDA Capital after the latest Series A funding round in 2020.  Part of the fund will be used to  boost Web3 and accelerate Velo Protocol's technology development to create a Centralized Decentralized Financial ecosystem. It is exciting to see both the capital commitment from LDA Capital and Lightnet’s commitment to accelerating the growth, expansion, and utilisation of Velo’s solutions and the Velo protocol. This will help push the advancement international payment rails, financial mobility, and advance access to next generation financial services to a larger global population.

Velo-Evry: strategic merger to create a full CeDeFi ecosystem

We recently completed a strategic merger with Evry this quarter And, is now The Velo’s new DeFi platform was accompanied by announcements of many new product offerings including Velo Orderbook DEX on Solana, Velo Perpetuals, and a bridge between the BSC and Solana chain.

The merger between Evry and Velo was meant to establish a closer synergy between the group’s DeFi-focused functionalities and those more centralized products such as remittance. This will bring us one step closer to the goal of becoming a CeDeFi financial institution.

You can learn more about the past quarter's product update here.

Expanding VELO token ecosystem

More exchanges, more pools, more networks, VELO token ecosystem keeps growing. In this quarter, we are listed on 2 new exchanges: Huobi and Huobi is one of the world’s top 10 exchanges and is the 19th best exchange globally. Together, they connect VELO to a highly active crypto marketplace with over USD 1B 24-hour trading volume and 1.6M weekly visits

This quarter also marked the end of a series of 6-month token burns. A total amount of 6 billion VELO tokens, equivalent to 20% of the total token supply, were burned from the reserve. This is another step forward in strengthening our tokenomics.

Deeper engagement with local communities

On top of our core progress in funding, products, and tokenomics, we also intend to strengthen our engagement among VELO holders and the wider crypto communities as well. To celebrate the launch of our new product: Velo Orderbook DEX on Solana on and its first token listing: KillSwitch’s KSW, we held the first offline event in Thailand, one of our key markets. The event was joined by our local partners from KillSwitch, Wow Robot and  EarthDeFire.

We’ve also welcomed members of the Evry’s Discord channel to the Velo community by completing the channel rebranding. Velo’s community members can now connect on Discord.

Lastly, to close this final month in Q3, Velo Labs team joined Token2049 in Singapore. Token 2049 brings together the leading voices in crypto, uniting entrepreneurs, investors, developers, industry insiders and global media. The event was also joined by some relevant big names such as Metamask Institutional (Qredo), OKX, and Binance Brokerage Service.

I hope you find this update helpful in giving your further insights into what the team is doing here at Velo. I'm excited to release our product roadmap for 2023-2024 soon and I look forward to sharing more great news with you in the last quarter of 2022!

Yours truly,

Mike Cowans, CEO