Interstellar Integrates Velo Protocol to Launch Cross-Border Payments on Stellar

According to the press release, the two companies will integrate under the leadership of Mike Kennedy, the CEO of Interstellar, with the support of the Stellar Development Foundation and Lightnet Group. Kennedy said that Velo and Interstellar joining forces is a natural progression of the work Interstellar has been doing in Southeast Asia.

The partnership is set to leverage Interstellar’s knowledge and expertise of the Stellar blockchain and Velo’s established partnerships across Southeast Asia. Last year, Velo developed the core functions of the Velo Protocol, issued Velo Tokens on the Stellar network, and listed the tokens on major global exchanges, including OKEx and KuCoin.

The protocol also completed its first live transaction using the Federated Credit Exchange (FCX) network and wants to use the partnership to increase the number of transactions on the Stellar DEX and Velo FCX. The FCX is a decentralized settlement network enabling partners to transfer value through the Velo Protocol and is the company’s core product.

Jed McCaleb, the founder of Stellar and Interstellar, said the integration has the potential to drive more anchors to the Stellar network. Partnering with Velo with the support of Lightnet and SDF will enable the company to create new on/off ramps in Asia and business opportunities for Velo and Stellar communities. The companies have created a joint roadmap for the following year but revealed no further details about any of their upcoming products.