Stellar Blockchain Remittance Corridor to support Thai-European payments

Cross-border remittances are top-of-the-line use instances for cryptocurrencies within the mainstream monetary sector proper now. In parallel to this pattern, a brand new partnership between Velo Labs and two monetary establishments has now resulted in a switch hall of 17 billion US {dollars} between Europe and Thailand.

Using Velo Labs’ blockchain-based monetary protocol, native monetary establishments Tempo Payments and Bitazza will manage a cross-border cash switch service connecting Thailand and 27 European nations.

The hall is hosted on the Stellar blockchain and makes use of Velo tokens and Velo digital credit for on-chain transactions. The new hall will serve round 600 million clients in Southeast Asian nations and Europe.

The announcement states that each one three accomplice firms intend to provide a quicker, cheaper remittance choice “by relying on their respective networks”.

Related: Thailand’s central financial institution warns in opposition to utilizing digital currencies for payments

Just final month, the Thai central financial institution (BOT) warned in opposition to holding cryptocurrencies and named dangers reminiscent of cash laundering, theft and price fluctuations.

The BOT additionally raises considerations in regards to the widespread use of cryptocurrencies and urges customers not to use cryptocurrencies to pay for items and companies. If not, the BOT plans to contain businesses just like the Securities and Exchange Commission “to ensure that they (digital assets) do not pose a major risk to the public or the economic and financial system.”