Velo Labs, a blockchain-based financial protocol enabling digital credit issuance and borderless asset transfer for businesses, and the Philippine Digital Asset Exchange (PDAX) have formed a partnership.

The partnership aims to improve cross-border payments to the Philippines using blockchain technology.

With an estimated US$ 34 billion in remittances arriving into the Philippines each year, Velo Labs and PDAX aim to improve on the current inefficiencies by leveraging the former’s blockchain payment infrastructure.

Velo Labs and PDAX will strive to bring secure, near real-time, and low cost payments to both the Philippines cross-border market and end consumers.

“Velo Labs is committed to building a decentralized settlement network that empowers individuals and businesses to access financial services using blockchain technology and the work we are doing with PDAX is an extension of our mission.

 

Together, we can offer the Philippines cross-border market with a much more efficient way to send and receive international payments.”

said Mike Kennedy, CEO of Velo Labs.

“PDAX recognizes the value that blockchain technology can bring to millions of people in the Philippines who rely on cross-border remittances to send much-needed financial support to their families and loved ones.

 

Velo Labs has been incredibly valuable in the effort to help bring these new services to market. We look forward to supporting them in enabling greater financial inclusion through similar, innovative technologies.”

said Nichel Gaba, Founder and Chief Executive Officer of PDAX.