Velo, a protocol developed by Lightnet partner Velo Labs, is focused on cross-border payments service, specifically in the Asia-Pacific region. The protocol lets licensed financial institutions create and exchange Velo digital assets pegged one-to-one with local currency with the native VELO token used to help maintain the peg, according to the website.
Source: https://www.coindesk.com/business/2022/08/29/fintech-firm-lightnet-group-gets-50m-from-lda-capital-to-boost-velo-protocol/?utm_medium=referral&utm_source=rss&utm_campaign=headlines