Velo

price
change

Discover Velo's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Velo?

Velo (VELO) is a cryptocurrency designed to supercharge money velocity, providing a trustless financial infrastructure that supports crypto payments and smart contracts. It aims to facilitate fast, secure, and cost-effective cross-border transactions and remittances through its Web3+ architecture. The VELO token serves as both collateral and an entrance requirement to the Velo ecosystem, which includes various financial products and services such as decentralized exchanges, blockchain networks, and peer-to-peer payment systems.

How is Velo used?

The crypto Velo (VELO) is used in several ways within the Velo ecosystem:

  1. Collateral for Digital Credits: VELO tokens are used as collateral to issue digital credits, which are used for value transfers within the network. This ensures that the credits are backed by a stable asset, facilitating trustless transactions.

  2. Entrance Requirement: VELO tokens also serve as an entrance requirement to participate in the Velo ecosystem. This means that users must hold a certain amount of VELO to access the network's services and benefits.

  3. Value Transfer: VELO tokens are designed to transfer value on the Velo network, ensuring stable settlement and facilitating frictionless transactions.

  1. Smart Contracts: The Velo Protocol, which is powered by the Stellar Consensus Protocol, uses smart contracts to process and settle transactions. This enables secure and transparent value transfers between partners on the network.

Overall, the VELO token plays a central role in enabling the Velo ecosystem to provide a trustless, borderless, and limitless financial infrastructure.

How do I store Velo?

To store Velo (VELO) tokens, you have several options:

  1. Atomic Wallet: You can manage your Velo tokens along with other cryptocurrencies like Ethereum, XRP, Litecoin, and over 1,000 other coins and tokens using the Atomic Wallet. This wallet is trusted by 5 million users worldwide and offers features like private and secured storage, 24/7 online support, and no registration or KYC requirements.

  2. Hardware Wallets: You can store VELO tokens offline in a hardware wallet like Ledger or Trezor. This method is known as cold storage. To do this, you need to connect your Ledger or Trezor to Stellar Term, accept the VELO asset, and finalize the transaction.

  3. Universe Wallet: Velo Labs offers the Universe Wallet, a hybrid decentralized exchange where you can trade, send, and receive crypto. You can download the Universe Wallet on iOS or Android and use it to manage your VELO tokens. This wallet allows you to connect with other popular wallets like MetaMask without undergoing KYC.

  1. Stellar Term: You can also use Stellar Term to manage your VELO tokens. This platform allows you to log in with your Ledger or Trezor and accept VELO assets.

These options provide secure and convenient ways to store your Velo tokens.

How to buy Velo?

To buy Velo (VELO) tokens, follow these steps:

  1. Find a Reliable Exchange:

    • Centralized Exchanges (CEX): Look for exchanges like Binance, KuCoin, or MEXC that support Velo trading. You can refer to Coinmarketcap.com's Markets section for a list of exchanges where Velo is listed.
    • Decentralized Exchanges (DEX): You can also use a DEX like Pancake Swap, which supports the blockchain where Velo is listed.
  2. Create an Account:

    • CEX: Register an account on the chosen exchange's website or app. Verify your identity and secure your account with two-factor authentication.
    • DEX: Download a crypto wallet like Trust Wallet and set it up. Make sure to keep your seed phrase safe and note your wallet address.
  3. Buy Base Currency:

  • CEX: Use fiat to buy a base currency like USDT, ETH, or BNB. You can use services that support OTC trading or financial platforms like PayPal or Robinhood.
  • DEX: Buy BNB Chain and transfer it to your crypto wallet.
  1. Transfer Base Currency:

    • CEX: Transfer your base currency to the exchange that supports Velo trading.
    • DEX: Send your BNB Chain from Binance to your crypto wallet.
  2. Buy Velo:

    • CEX: Use your base currency to buy Velo in the spot market.
    • DEX: Connect your wallet to the DEX, select your base currency as the payment, and choose Velo as the coin you want to buy. If Velo doesn't appear, find its smart contract address and paste it into the DEX.
  3. Store Velo:

  • CEX: Store your Velo in your exchange wallet or transfer it to a personal wallet for added security.
  • DEX: Store your Velo in your crypto wallet.

Remember to always follow the specific instructions for each exchange or DEX, and be cautious of scams and market risks.

Discover
Velo
We give you the tools to invest your time and money in 1000+ tokens.
Subscribe

History of Velo

Velo (VELO) is a cryptocurrency designed to revolutionize cross-border transactions and bring financial inclusivity to underserved communities in Southeast Asia. The project aims to create the largest payment network in the region, tackling issues with remittance and cross-border payments. Velo is backed by prominent investors, including Chatchaval Jiaravanon, a member of one of Thailand's richest families and owner of Fortune Magazine.

The Velo Protocol is a comprehensive financial ecosystem that leverages blockchain technology to enable seamless, secure, and efficient transactions. It features a digital credit issuance mechanism, where trusted partners can obtain digital credits by depositing VELO tokens as collateral. These digital credits are tied to real-world fiat deposits and are backed by VELO token collateral, ensuring secure and trustless settlement throughout the network.

Velo also includes a decentralized crypto exchange (DEX) that facilitates the trading of VELO tokens, digital credits, and other digital assets. This exchange features a robust order book, allowing vetted participants to provide liquidity and contribute to the overall stability of the market. Additionally, Velo envisions a decentralized lending platform that enables peer-to-peer lending among businesses, utilizing digital credits as a medium of exchange.

The development of the Velo Protocol is divided into four distinct phases, each focusing on the implementation and enhancement of specific features and services within the ecosystem. The project aims to establish a global network of digital banks, regulated cryptocurrency brokers, and exchanges to facilitate seamless integration with the traditional financial system.

In terms of its market performance, Velo's token price has experienced significant fluctuations. As of May 28, 2024, the token was trading at $0.01635, far from its all-time high. The circulating supply of VELO tokens is approximately 24.6% of the maximum supply, with the top 10 holders owning 94% of the supply.

Discover
Velo
We give you the tools to invest your time and money in 1000+ tokens.
Subscribe

How Velo works

The crypto Velo (VELO) is a utility token designed to facilitate cross-border transactions and ensure stable settlement within the Velo ecosystem. Here's how it works:

The Velo Ecosystem

The Velo ecosystem is built on the Stellar blockchain network, which is an open-source distributed ledger used specifically for payments. The ecosystem includes various components such as Quantum, Universe, Nova Chain, Orbit, and Warp, all designed to provide a seamless and efficient financial infrastructure for users.

VELO Token

The VELO token is the fundamental building block of the Velo ecosystem. It is used by Trusted Partners as collateral for receiving Velo Stablecoins and represents a value link between fiat deposits and stablecoins. The token's utility lies in its double feature as both collateral and an entrance requirement to the Velo Ecosystem.

Velo Stablecoins

Velo issues various stablecoins, known as Velo Digital Credits, which are pegged 1:1 to any local currency and backed by a basket of assets that includes cash/cash equivalents and Velo Tokens. These stablecoins are over-collateralized, meaning that the value of the assets backing them is greater than the value of the stablecoin itself. This ensures that the stablecoin maintains its peg to the fiat currency.

Creation and Maintenance of Stablecoins

The process of creating and maintaining the value of Velo Stablecoins involves several steps:

  1. Creation: Velo Stablecoins are created by an Issuer (a Trusted Partner) by locking VELO Tokens into a smart contract.
  2. Usage: The Issuer exchanges the Velo Stablecoins for cash/cash equivalents.
  3. Collateralization: The cash/cash equivalents received by the issuer are used as the primary collateral, while VELO Tokens are used as the secondary collateral.
Key Features
  • Trustless: The Velo ecosystem is designed to be trustless, meaning that users do not need to rely on intermediaries like banks or brokers for transactions.
  • Formless: Assets in the Velo ecosystem can be fractionalized and traded against their real-world value, allowing for greater flexibility and accessibility.
  • Borderless: The ecosystem enables the borderless transfer of currency and assets, making it possible for users to transfer, invest, borrow, or lend funds across the globe.
Technical Details
  • Blockchain: The VELO token is issued on the Stellar blockchain network, which is an open-source distributed ledger used specifically for payments.
  • Supply: The maximum supply of VELO tokens is 30 billion, with a circulating supply of approximately 7.39 billion as of May 28, 2024.

Overall, the Velo ecosystem is designed to provide a robust and efficient financial infrastructure for cross-border transactions, leveraging the VELO token as a key component to ensure stable settlement and facilitate the use of Velo Stablecoins.

Discover
Velo
We give you the tools to invest your time and money in 1000+ tokens.
Subscribe

Velo's strengths

The token Velo (VELO) has several strengths that contribute to its utility and potential value within the Velo ecosystem:

  1. Double Feature: VELO tokens serve as both collateral and an entrance requirement to the Velo ecosystem, ensuring stable settlement and facilitating value transfer.

  2. Collateral for Stablecoins: VELO tokens are used by Trusted Partners as collateral for receiving Velo Stablecoins, which are pegged 1:1 to local currencies and backed by a basket of assets including cash and VELO tokens.

  3. Utility in the Ecosystem: VELO tokens are used for various functions within the ecosystem, including transaction fees and collateral for smart contracts.

  1. Decentralized and Trustless: The Velo network operates on a trustless, formless, borderless, and limitless framework, allowing for automated, peer-to-peer transactions that are faster, cheaper, and more accessible.

  2. Web3+ Ecosystem: Velo's ecosystem integrates traditional finance networks with Web3+ technology, providing a seamless and regulator-friendly environment for financial transactions.

  3. Interoperability: The ecosystem includes various components such as Quantum, Universe, Nova Chain, Orbit, and Warp, which enable the transfer of assets across different blockchain networks and facilitate high-frequency trading.

  1. Security: Velo's stablecoins are over-collateralized, ensuring that they are backed by more than their face value, which adds an extra layer of security and stability.

These strengths position VELO as a key component in the Velo ecosystem, supporting the transfer of value and ensuring the stability of the network.

Velo's risks

Velo (VELO) carries several financial risks that investors should be aware of. These risks are primarily related to the execution of corporate activity and strategy, which includes accounting and financial operations, debt and financing, and corporate growth. Specifically, these risks involve accounting losses, the value of intangible assets, financial reporting, estimates, and company profitability, as well as debt management and financing strategies.

Discover
Velo
We give you the tools to invest your time and money in 1000+ tokens.
Subscribe

Did Velo raise funds?

Discover
Velo
We give you the tools to invest your time and money in 1000+ tokens.
Subscribe

Velo’s team

  • Mike Kennedy: CEO of Velo Labs, previously CEO of Interstellar, which merged with Velo Labs in a nine-figure deal.
  • James Wu: CTO of Velo Labs, previously CTO of Interstellar.
  • Chatchaval Jiaravanon: Chairman of Velo Labs, owner of Fortune Magazine, and a member of the Thai billionaire Chearavanont family that controls Charoen Pokphand Group.
  • Jed McCaleb: Co-founder of the Stellar Development Foundation and an advisor to Velo Labs.
  • Prof. David Mazières: Professor of Computer Science at Stanford and Chief Scientist at Velo Labs.

Whalee AI

The fundamental analysis assistant for crypto value investors.

Velo NEWS REPORT

Latest news

Want an analysis of Velo? Tell us on discord.

Help us improve!
Tell us what you think of this page and which features you would like to see next.
OPEN FORM