The Evry and Velo merger brought some exciting new products to the Velo ecosystem and greater utility for the VELO token! Over the past couple of months, we’ve been working tirelessly to combine the two entities and begin to build a true CeDeFi ecosystem. We now have three core product streams under the Velo brand being:
Velo Network connects vetted and approved “Trusted Partners” over blockchain. Each of our trusted partners can utilize the Velo Network to process cross border payments and remittances seamlessly, quickly, and cost effectively.
Velo Trusted Partners will immediately be able to provide a range of financial products and services that directly benefit the unbanked and underbanked - the core mission of Velo. Customers of our Trusted Partners will pay lower costs, have near real-time transactions, and wider coverage without directly interacting with Velo technology or VELO coins.
Velo has collaborated with many partners around the world by integrating our technology as the backbone of their services. We are currently in the process of customising a range of bespoke services for each partner as every country has different regulatory requirements as well as subtle differences with the technologies they use. We are standarising the onboarding process as part of this phase of the platforms evolution to make future partner onboarding much more efficient as well as potentially productise certain features to be able to offer a broader range of solutions to future Trusted Partners.
The Federated Credit Exchange (FCX) is a digital fiat trading platform developed to suit the needs of institutional partners in the emerging digital finance sector. The platform provides exclusive trading opportunities across a wide inventory of Velo and non-Velo digital assets.
Velofinance.io is our DeFi trading platform which is an important part of building the CeDeFi ecosystem. The site currently contains many of the common features you’ll find on a decentralized exchange and we are constantly adding new products and services to provide more utility to $VELO outside of the payments and remittance function.
Currently we have the following available for users on the platform:
Similar to other DEX, we provide swapping, yield farming and staking features as the bootstrap for any defi project to utilize on our DEX platform. However, what we differentiate from others is that we also introduce Solana Orderbook Style Dex including the market making bot for those token project partners. This would be able to have their community members unlock to defi world easily and conduct any defi activities freely on our ecosystem. Moreover, we are also working hard in order to have interoperability bridging between chains, called VeloHub, so that users can move their assets easily across chains & dApps.
For this month,
Velo is not only raising the standard of financial inclusion and mobility across the global payments vertical, but we are also combining the very best of Centralized and Decentralized Finance products and services through innovative trading platforms and DeFi apps.
At Velo, we’re on a mission to revolutionize the world of financial services, and we believe the transformational power of the blockchain is key.
The nature of decentralized ledgers has transformed financial services and has opened up a new world of possibilities for every aspect of our global financial system. Velo is dedicated to realizing those possibilities by bringing together the reach and economic strength of traditional financial institutions and the speed, security, and openness of decentralized applications, what we call Centralized Decentralized Finance (CeDeFi). By building a CeDeFi ecosystem with the best aspects of both financial models, we are creating a more stable and robust financial system.
Since the AMM pool was established and increasingly used over the past year, we also discovered that swapping on the AMM pool is still troublesome. There are many challenges in controlling slippage and onchain transactions fees to deliver a cost effective service to users. The CeDeFi Swapping feature allows us to have greater control over the fees and would be the new paradigm that solves this problem. We will allow users to connect their DeFi wallet swap tokens through our brokerage service that brings deep liquidity from CEXs and would offer significantly less transaction fees with no slippage.
Once FCX is launched, it will quickly accelerate our progress in building a truly CeDeFi ecosystem. Allowing users to trade through their DeFi wallet in a peer to peer environment provides greater security and anonymity, but does expose the user to problems of toxic liquidity from bad actors in the environment. The Trading Platform will provide the deep liquidity and trustworthiness of the CeFi environment, but provide the security and control that DeFi allows.
The CeDefi Trading platform will launch with the perpetual trading service as it would allow users to easily trade using stable coins without any underlying token. We plan to introduce our stable tokens as the premier tokens for use in this CeDefi Trading platform.
New projects face many challenges in launching, primarily through finding a reliable and liquid exchange partner to list their tokens for their community. The IDO service allows us to position ourselves as an incubator to help new projects build up a strong trading environment to assist them in listing on the Tier 1 exchanges such as Kucoin, Gate.io, Huobi, Binance, etc. Similar to VC funds, we’ll look for good projects in the space and help them to get a viable trading platform for their communities, as well as link them with other projects we support in our ecosystem. We will provide a lot more comprehensive information on this service because as a startup, we completely understand the pain points new project have in getting traction in a very cluttered industry.