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June 8, 2022

More about the Velo and Evry merger

After the exciting recent announcement regarding the Velo and Evry merger, you may have a number of questions top of mind. So we’ve set out to answer some of those burning questions....

After the exciting recent announcement regarding the Velo and Evry merger, you may have a number of questions top of mind. So we’ve set out to answer some of those burning questions below. Enjoy!

How long was this merger in the making? 

Velo and EvryNet have been long standing partners in the DeFi space. The Evry.Finance platform has had integration with the Velo Protocol since inception to mint stablecoins and the project team at EvryNet has worked to provide a staking platform for Velo tokens to retail crypto traders. So, the two technology teams and projects are familiar with each other and this made the merger decision an easier one. While we haven’t been planning this merger for a long time, the familiarity between the two projects certainly helped us understand the benefits of a combined Velo + EvryNet organization. And once the decision was made to merge the two projects, we moved quickly to make it a reality.

Why did this merger happen?

This is a very good thing for both projects and we’re excited to bring together two strong organizations with great talent. There is significant product and technology synergy between Velo and Evry and bringing the two teams and product lines together creates more robust revenue streams. 

Plus, it furthers our shared vision and long term goal of creating an unmatched Centralized and Decentralized Finance (or “CeDeFi”) ecosystem, where we can better serve a combined institutional and retail audience of CeDeFi adopters.

What will happen to respective Velo and EvryNet organizations? 

EvryNet will be absorbed under the Velo brand. There will be a natural consolidation of teams and resources, but at this point we are retaining all staff and working toward bringing the two organizations together. 

In the short term, the Evry brand and the Velo brand will remain separate, with separate websites and products.

 

How will this merger improve CeDeFi capabilities?

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. 

 

Do the priorities of the projects change?

The new Velo remains committed to both Velo and EvryNet’s respective core products: Velo will continue to be focused on delivering cross border payments solutions to our enterprise partners and EvryNet will continue to deliver best-in-class decentralized applications and trading solutions. The difference is that now, we will be leveraging the combined strength of both teams under one Velo organization.

We will publish more details of both the Velo and EvryNet roadmap soon.

How does this affect VELO or EVRY Token holders?

VELO Token holders are unaffected by this merger - no further action needed!

For EVRY holders, as part of this announcement, we are offering the ability for EVRY token holders to swap to VELO at a 1:1 ratio! Anyone interested in participating in this exciting opportunity can do so at the following URL: https://evry.finance/exchange/directexchange/ 

What's next?

The goal at both Velo and Evry has been – and will continue to be – delivering products that improve access to financial infrastructure and furthering the growth of CeDeFi, so our goals and priorities remain the same.

We are truly excited for what this merger will bring and we will continue to provide more information in the coming weeks, as we work through the merger logistics.