Velo and Solana signed an MOU for Laos Digital Gold. Velo will serve as the infrastructure layer and Solana as the Blockchain layer. The team hints at the expansion of the user base for digital transactions. While this news did not have an impact on Solana, VELO price increased strongly.
Velo and Solana have come together for an important partnership!
Velo and Solana Foundation announced a partnership on a clearinghouse for Laos Digital Gold transactions. In the announcement, Velo said it had signed a memorandum of understanding (MOU) to establish a clearinghouse for the project. This will also be in collaboration with its partner Lightnet and the Solana Foundation. Velo will serve as the infrastructure layer and clearinghouse for the project’s transactions, while Solana will be the blockchain settlement layer for Laos Gold.
According to the statement, this partnership aims to secure all transactions on Blockchain. It also aims to create a seamless transaction experience for users. In order to promote interoperability and a connected ecosystem, the Laos Digital Gold project will be structured to connect Solana’s Blockchain, Nova and EVM compatible Blockchains. In this way, Laos’ Project will increase its adoption rate with users who want to benefit more from the system. The team highlights Solana’s partnership as a mix of financial investment and opportunity in the digital space. The statement includes the following statements:
The MoU also includes a robust bridging mechanism to increase interoperability between Solana’s L1, Nova and EVM compatible Blockchains. This initiative is in line with the principle of interconnectedness of Blockchains, which promotes the connectivity and accessibility of crypto assets across different Blockchain networks.
How did Solana and VELO prices react?
cryptokoin.comAs you can see from , this type of news usually has a positive impact on token prices. However, following the news, the price of Solana’s native token, SOL, did not react. At the time of writing, SOL was trading at $180, down 0.7% on a daily basis. However, VELO price saw strong increase. The token made a strong move from $0.01 to $0.14 during the day. At the time of writing, VELO was trading near $0.14, up nearly 25% on a daily basis.
Team recommends liquidity for Laos Gold
Additionally, the platform will implement liquidity management protocols on the Solana Blockchain, including on-ramp and off-ramp systems. This will be launched in Southeast Asia before a global release later to power crypto transactions. This comes off the back of a significant partnership with the Solana Foundation, including new upgrades and a growing user base. Under the agreement, Velo ensures the smooth operation of Laos Gold. In this context, the team underlines the following points in the statement:
This collaboration marks significant progress, providing new possibilities for asset transfers, liquidity provision and Web3 activities, meeting the growing demand for cross-chain transactions and contributing to the growth of the Web3 ecosystem.
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