LDA Capital has committed $50 million to the blockchain-based cross-border payment infrastructure developed by Singaporean fintech company Lightnet Group, the company announced on Monday.
The blockchain-based cross-border payment infrastructure was developed by Lightnet, which announced on Monday that LDA Capital had committed $50 million to the project.
LDA Capital has committed $50 million to the blockchain-based cross-border payment infrastructure developed by Singaporean fintech company Lightnet Group, the company announced on Monday.
The Velo protocol will be improved and its technology will be expanded, according to Lightnet. Web3 and cross-border payments will also be upgraded. The company has the choice to raise the overall commitment over the following three years to a maximum of $100 million.
According to the website, the Velo protocol enables authorised financial institutions to generate and exchange Velo digital assets that are linked directly to local currency and use the native VELO token to maintain the peg.
In a Series A fundraising round back in 2020, Lightnet had raised $31.2 million. The United Overseas Bank investment division in Singapore, Seven Bank, HashKey Capital, and other institutions participated in the investment round.
