Stellar Blockchain to host EU-Thailand remittance corridor

Stellar has seen major breakthroughs of late as rivalry with the blockchain firm Ripple continued to escalate. In the latest development, a new cross-border remittance corridor has been opened between the 27 European Union [EU] countries and Thailand on the Stellar blockchain.

According to the official press release, Velo Labs, the company building a global settlement network, has teamed up with TEMPO Payments, the EU anchor for Stellar blockchain payments. The two entities aim to leverage Bitazza which happens to be a Thai crypto trading platform to facilitate the transactions. TEMPO Payments and Bitazza are both licensed financial institutions and have expanded their footing across ASEAN and EU markets, raking in nearly $17 billion and almost 600 million customers.

Stellar blockchain will be hosting the new corridor and leverage Velo tokens and Velo digital credits for the on-chain transactions. All three partner companies aim to perform a faster and cheaper money transfer option between Europe and Thailand by relying on their respective networks and eliminate the inefficiencies in these areas.

Elucidating more on the offering, Mike Kennedy, CEO of Velo Labs stated,

“What we’ve launched today is a validation of our core mission: building a global, decentralized, and interoperable network that will allow businesses and individuals alike to securely and instantly transfer value across the globe. Velo Labs wants to make cross-border transactions faster, cheaper, and more reliable for everyone; this first step starts us down the path of that reality.”

Stellar flying high

The latest news comes after reports of Stellar negotiating to purchase MoneyGram made headlines. The latter happens to be a popular global remittance app formerly partnered with Ripple. The two firms previously enabled large-scale remittances among emigrant communities.

However, things went south when tensions between Ripple and SEC escalated. Several platforms suspended XRP operations. MoneyGram also terminated its partnership agreement with the beleaguered blockchain company. Many in the community viewed Stellar’s reports to buy MoneyGram as an inflammatory move at a critical point in XRP’s timeline.

Chayanika Deka: Chayanika is a full-time journalist at TronWeekly with over two years of experience. A graduate in Political Science and Journalism, she focuses on the political and financial impact of cryptocurrency and blockchain developments.