Velo Labs Announces Phased Token Burning, Company Will Remove 20% of Total Supply

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SAN FRANCISCO, Calif., March 15, 2022 /PRNewswire/ — Velo Labs, a blockchain-based technology company revolutionizing financial services, is undertaking a major token burn as part of its commitment to community members, early backers and investors across the world. project.

Departure March 16, 2022 the Velo Labs team will burn 6 billion tokens – or 20% of the total supply – at the rate of 1 billion tokens per month.

“Undertaking a burn of this magnitude demonstrates our commitment to the Velo community and our investors, while bringing us closer to our broader business goals, including strengthening our tokenomics,” said mike kennedy, CEO of Velo Labs. “We want to make sure that we provide the best possible opportunities for Velo Mission funders and supporters.”

Velo Labs is building an unparalleled global settlement network to enable businesses and individuals to move money faster, cheaper, and more reliably. The network, built on the Stellar blockchain, leverages the Velo protocol to create a borderless, price-stable money transfer network. Notable partners include Bitazza, the fastest growing digital asset platform in ASEAN, Inception, a financial services company, and TEMPO Payments, a digital money transfer company.

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Velo Labs is on a mission to improve financial services. We are building a global settlement network to make moving money faster, cheaper and more reliable for businesses and individuals. The company develops blockchain-based, enterprise-grade products that enable financial institutions to seamlessly transfer value around the world.

www.velo.org

SOURCE Velo Labs

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