Fintech Company LDA Capital Provides $50 Million To Lightnet Group To Advance Velo Protocol’s Technology

LDA Capital has committed $50 million to the blockchain-based cross-border payment infrastructure developed by fintech company Lightnet Group, the company announced on Monday.

“Lightnet’s next generation financial infrastructure, along with Velo Labs’ disruptive technology, will be the future rails for dynamic and regulated markets providing financial mobility and inclusivity across Asia” commented Warren P. Baker III, Managing Partner, and Co-Founder at LDA Capital.       

The Velo protocol will be improved and its technology will be expanded, according to Lightnet, which has its headquarters in Singapore. Over the following three years, the corporation has the opportunity to boost the total commitment to up to $100 million.

A protocol called Velo was created by Lightnet partner Velo Labs with an emphasis on cross-border payments, particularly in the Asia Pacific region. According to the website, the protocol enables authorized financial institutions to generate and exchange digital assets pegged one-to-one with local currency using the native VELO token that is used to assist maintain the peg.

In 2020, Lightnet raised a $31.2 million Series A – LDA Capital

It had raised the money from several sources, including the investment division of United Overseas Bank, a Singapore-based multinational, Seven Bank, HashKey Capital, and others.

“We’re thrilled with this partnership and are so glad that LDA Capital recognizes the value of the new generation remittance services. This investment will allow us to grow and expand our infrastructure, which partners can participate in and grow business solutions. Our unique architecture makes the solution accessible and attainable for anyone to adopt the service.”  stated Tridbodi Arunanondchai, Co-Founder & CEO of Lightnet.

Additionally, Lightnet will be easily able to connect to a multitude of payment partners around the world with the help of Velo Labs’ cutting-edge technology, making the remittance ecosystem and payment options more affordable and accessible for both customers and businesses. Velo Labs is focused on building plug-and-play, blockchain-based remittance solutions.

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