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.
Read more: SBI Ripple Asia Launches Cambodia’s First Cross-Border Remittance Service Using Blockchain
Disclosure
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.