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Thailand–a Stellar Blockchain Remittance Corridor Becomes The Engine To Run European Payments.

By Ollie H - Cryptocurrency Broker - 11-08-2021

A particular crypto-based blockchain network integrates a new cross-border remittance corridor that will service around 600 million clients. The cross-border remittance held in the crypto to fiat decentralised protocol, Stellar (XLM), is considered one of the most exemplary use cases for cryptocurrency to propel it into mainstream finance.

In similar news happening concurrently, Velo Labs and two financial institutions were the companies that essentially built the $17 billion corridor. The cross-border remittance corridor connects the entirety of Europe to the country of Thailand. Hosting the corridor services are two local banking businesses Tempo Payments and Bitazza. The two companies will utilise the Velo Labs blockchain-designed protocol, which will help bridge a connection between Thailand and 27 countries in Europe.

The corridor originating from Velo Labs, once completed, will be housed on the Stellar blockchain and use native Velo tokens and Velo digital credits to conduct transactions within the blockchain network. As previously stated, 600 million clients from southeast Asia and countries in Europe will be provided access to the new corridor. According to the release, by leveraging their unique networks, the collaboration can provide speedy and more affordable cash transactions. 

Subsequently, despite the massive steps forward taken in the cryptocurrency trading industry, the Bank of Thailand (BOT) recently issued a warning against crypto holdings. The warnings from the bank cited dangers like money laundering, theft, and price volatility. Even though cryptocurrency investments 2021 have taken great strides to ensure security and privacy within transactions, the BOT issues caution anyone who wishes to purchase anything with crypto.

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