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Cross-border payment protocol Velo Labs has just announced the M&A with Interstellar, the payment company that runs on the Stellar network (XLM).
After this M&A deal, Interstellar CEO Mike Kennedy and CTO James Wu will respectively become the new CEO and CTO of Velo Labs.
Terms of the merger are not made public, but inside source shared Velo Labs acquired Interstellar for a price of up to nine-digit USD. The purpose of the deal is to speed up the development of a remittance network on the Stellar blockchain.
Meanwhile, Chatchaval Jiaravanon will remain the chairman of Velo Labs. Mr. Jiaravanon is the owner of Fortune Magazine and a member of Chearavanont, a Thai billionaire family that owns one of the largest groups in the world, Charoen Pokphand Group.
Founded in 2019, Velo Labs was originally cherished by CP Group Group in an effort to build a cross-border blockchain network – similar to Facebook’s idea of Libra but focused on the Southeast Asian market.
Stellar co-founder, former Ripple CTO Jed McCaleb shares:
“This is a major step forward for the Stellar ecosystem, driving many projects to grow within the Stellar ecosystem, creating business opportunities for both the Velo and Stellar communities.”
After the news was released, the VELO price immediately grew. Currently 1 VELO is trading around 1.8 USD, has increased by nearly 15% in the past 24 hours.
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