A remittance corridor has been opened involving the 27 nations of the European Union (EU) and Thailand on the Stellar (XLM) blockchain, to serve somewhere around 600 million consumers in the payment sector.
Cross-border remittances are at present one particular of the ideal use scenarios for cryptocurrencies that apply to common finance. In line with this trend, the new partnership involving Velo Labs and TEMPO Payments and Bitazza has now resulted in a $ 17 billion remittance corridor involving Europe and Thailand.
Velo Labs, which is setting up a worldwide payments network, has partnered with TEMPO Payments, the European blockchain payments subsidiary of Stellar, and the Thai cryptocurrency trading platform Bitazza to allow the execution of transactions.
The payment corridor will be hosted on the Stellar blockchain and will use VELO tokens for on-chain transactions. It is anticipated to serve somewhere around 600 million consumers across Southeast Asia and Europe.
With the self confidence of money institutions in the application of the platform in the discipline of payments, Stellar is more and more affirming its place in the “fight” of honest competitors with its direct competitor, Ripple. On July 22, it was unveiled that the Stellar Foundation is “targeting” the acquisition of MoneyGram, a former near companion of Ripple.
However, on the Thai side, there are also some obstacles. Last month, the Central Bank of Thailand (BOT) issued a warning towards holding cryptocurrencies, citing hazards which includes cash laundering, theft and cost fluctuations.
BOTs also increase issues about the widespread use of cryptocurrencies, asking consumers to stay clear of having to pay for products and companies applying this process. The BOT also programs to involve companies this kind of as the Securities and Exchange Commission to make sure that digital assets do not pose a big chance to the public or to the nationwide financial and money technique.
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