Velo with Lightnet inks an MOU with the Solana Foundation

Velo and its associate, Lightnet, have inked a Memorandum Of Understanding with the Solana Foundation regarding its Laos Gold Project. Solana will take the form of a blockchain settlement layer. In contrast, Velo will be the support system and the ordained clearing house regarding Laos’ digital gold transactions pertaining to the Gold Project. This will bring about effective and safe processing related to transactions on the blockchain.

Velo is responsible for initiating the functioning and dependability of the clearing house activities. This involved authenticating and finalizing transactions safely, living up to the trust factor, and ascertaining an uninterrupted implementation of contractual requirements between buyers and sellers on Solana’s blockchain.

The MOU involves a strong bridging system to improve interoperability among Solana’s L1, Nova, and EVM adaptable chains. This activity is in tandem with the blockchain’s concept of interconnectivity, furthering connectivity and availability of digital assets throughout multiple blockchain networks.

The association will help open the doors for fresh options regarding asset transfers, liquidity offerings, and Web3 functions, all of which address the requirement of cross-chain transactions and contribute to the growth of the Web3 ecosystem.

In addition, the MOU involves executing overreaching liquidity-controlling protocols. These protocols involve building and maintaining on-ramp and off-ramp features for assets on the Solana blockchain. The idea is to shift them initially to Southeast Asia, followed by the entire world.

This strategy allows Digital Gold to grow its user base, providing better connectivity, especially for users looking for a balanced and safe store of value. With the utilization of Solana’s technology skills, users will come in for a smooth incorporation of investment and financial options in the ever-changing digital space.

Velo Labs is an internationally renowned Web3-oriented financial service provider, pitching an advanced liquidity and settlement network for safe and effective value transfers. It has the support of Stellar Network and CP Group and has succeeded in going further than Southeast Asia and the Pacific. It is rendering its services to associates globally. They are known to link the space between conventional banking framework and Web3, paving the way for the mass acceptance of blockchain.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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