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Subject: TNM

Velo and EvryNet Announce Strategic Merger to Build the Future of CeDeFi

Blockchain infrastructure leader and dApp pioneer bring together institutional and retail product suite to deliver new wave of financial services

SAN FRANCISCO and BANGKOK , May 26, 2022 /CNW/ -- Velo Labs, a leading blockchain infrastructure company focused on improving international remittances, and EvryNet, a financial services platform for building centralized and decentralized applications in DeFi, have today announced a strategic merger.

The merger brings together two organizations that share a strong product and technology synergy, and will set out to serve a combined institutional and retail audience of Defi adopters.

Velo Labs is developing a blockchain-based, compliance-first global settlement network to provide fast, secure and low cost cross-border payments to both individuals and businesses. As part of their mission to improve financial services, Velo Labs provides financial institutions with the ability to transfer value across borders in a much more efficient way than traditional financial institutions. With partnerships already in place with financial institutions in Southeast Asia, Europe, the UAE, and Africa, Velo is positioned at the forefront of a new wave of global financial infrastructure.

Mike Cowans, Velo Labs CEO on this announcement:

"Our mission at Velo Labs has always been to raise the standard of financial inclusion and mobility, and to deliver products that improve access to financial infrastructure. This strategic merger with EvryNet, who share similar goals, will only strengthen our commitment to this mission, while opening up exciting opportunities for further growth in decentralized finance. We are excited for what the future holds."

EvryNet enables CeFi into the DeFi world. EvryNet's decentralized applications unlock a world of new assets, investment opportunities, and innovative strategies for investors. Simultaneously, EvryNet gives DeFi projects exposure to a broader ecosystem of investors to create a flywheel of growth.

Korapat Arunanondchai, Project Lead at EvryNet:

"The bleeding edge technology of both Evry and Velo is a potent mix and we look forward to marrying the best of Centralized and Decentralized finance technology. With our combined talent, we are confident this merger will position the new Velo as a forerunner in CeDeFi."

Bringing together the teams at Velo and Evry has significant benefits for both projects. The EvryNet team brings deep crypto-specific knowledge that will enhance Velo's combined product offering and business direction and the Velo team's access to institutional partners will aid in the creation of a true CeDeFi ecosystem ? a core focus for both teams and what they believe to be the future of finance.


SOURCE Velo Labs

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