MANILA, Philippines and SAN FRANCISCO, March 24, 2022 /PRNewswire/ — Velo Labs and Philippine Digital Asset Exchange (PDAX) have signed an agreement to work together in bringing improved cross-border payments to the Philippines, using the transformational power of blockchain technology.
Cross border payments in traditional financial systems are increasingly slow and expensive, requiring a number of intermediary institutions to settle transactions. With an estimated 34 billion USD in remittances arriving into the Philippines each year, Velo Labs and PDAX aim to improve on the current inefficiencies by leveraging Velo Labs’ blockchain payment infrastructure. By using this technology, 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” said Mike Kennedy, CEO of Velo Labs. “Together, we can offer the Philippines cross-border market with a much more efficient way to send and receive international payments.”
“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.,” said Nichel Gaba, Founder and Chief Executive Officer of PDAX. “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,”
PDAX is the leading digital asset exchange in the Philippines, a safe, easy-to-use, platform for Filipinos to buy and sell virtual currencies and assets. The company received its license from the BSP in 2018 and was officially launched in the Philippine market in 2019. PDAX believes that blockchain technology and digital assets are the key to financial inclusion in the Philippines and can create a level playing field that can empower Filipinos.
About Velo Labs
Velo Labs is developing a blockchain-based, compliance-first global settlement network to provide fast, secure and low cost cross border payments to both individuals and businesses. As part of their mission to improve financial services, Velo Labs provides financial institutions with the ability to transfer value across borders in a much more efficient way than traditional financial institutions.