Matrixport announced today that its institutional custodian service, Cactus Custody, is supporting Velo Labs and the VELO token. VELO is the native token of the Velo Protocol – Velo Labs’ next-generation financial protocol enabling digital credit issuance and borderless asset transfer over a unique federated credit exchange network.
At the core of the Velo Protocol is the VELO token. The VELO token serves as a bridge asset, enabling Velo Labs’ network of Trusted Partners to securely transfer value between each other in an instant and transparent manner using blockchain technology. Velo Labs and its partners will bring great value to users through its Velo Protocol, federated credit exchange and other innovative products by enabling a robust digital asset exchange marketplace. Velo Labs’ federated credit exchange network will provide cross-chain liquidity together with on-chain/off-chain liquidity and settlement.
With Matrixport and Cactus Custody, Velo Labs and its Trusted Partners can leverage a secure and reliable institutional crypto management system and multi-tiered storage system to store their assets and scale their business applications.
Cactus Custody aims to bring increased security, transparency, and efficiency to the market while empowering its clients’ growth. By partnering with Velo Labs, Matrixport and Cactus Custody will explore more innovative Defi services and elevate the infrastructure in the crypto industry.
About Velo Labs
Founded in 2018, Velo Labs’ core mission is to build a federated credit exchange network that allows partners to safely and securely transfer value between each other with maximized efficiency and transparency. Backed by CP Group and Stellar Network (XLM), Velo Labs is currently serving business partners in the remittance and money transfer markets of Southeast Asia by bridging digital and real-world settlement under a fully interoperable universal credit and settlement network. Other backers of Velo Labs include UOB Bank (SG), Uni-President (Taiwan), HashKey Capital, Hopeshine Ventures, Signum Capital, Ausvic Capital, Du Capital and Everest Ventures Group.
About Cactus Custody
Originating from Bitmain’s proprietary custodian solution in 2017, Matrixport offers Cactus Custody, an evolved version, to safeguard assets for the industry. Cactus Custody is a qualified custodian and a Hong Kong trust company that meets the capital reserve requirement and acts within regulatory and Anti-Money Laundering (AML) guidelines. We provide services to the world’s largest and most renowned mining company, mining pools, cloud mining platforms, exchanges, funds and OTC dealers, supporting our clients to grow and scale in a secure way.