EU-Thailand Remittance Corridor Opened on Stellar Blockchain

Velo Labs has joined with TEMPO Payments and Bitazza to facilitate transfers on the Stellar blockchain.

AccessTimeIconAug 11, 2021 at 9:56 a.m. UTC
Updated Sep 14, 2021 at 1:38 p.m. UTC

A remittance corridor has been opened between the 27 European Union (EU) countries and Thailand on the Stellar blockchain.

  • Velo Labs, which is building a global settlement network, has partnered with TEMPO Payments, the EU anchor for Stellar blockchain payments, and Thai crypto trading platform Bitazza to enable the transactions.
  • Transactions will leverage Velo's protocol and native VELO token and be settled in seconds on the Stellar blockchain, according to an announcement Wednesday.
  • The remittance market between the EU and Thailand connects 600 million customers and is worth around $17 billion, Velo said.

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