Velo, EvryNet Building CeDeFi Platform Through Merger

Blockchain infrastructure company Velo Labs, which focuses on international remittances, and financial services platform EvryNet are looking to build what they consider the future of centralized decentralized finance (CeDeFi) through a strategic merger in a joint press release Thursday (May 26).

Velo Labs is developing a blockchain-based global settlement network to provide cross-border payments to people and businesses. The company has partnerships with financial institutions in Southeast Asia, Europe, the UAE, and Africa.

“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,” said Mike Cowans, Velo Labs CEO, in the announcement. “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.”

EvryNet’s decentralized applications offer new assets, investment opportunities and strategies for investors, according to the release.

“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,” said Korapat Arunanondchai, Project Lead at EvryNet, in the joint press release.

Related: Blockchain in Action: How to Track Anything in Real Time

Earlier this week, PYMNTS kicked off a new series focused on how blockchain is used in myriad situations.

Walmart was one of the earliest large corporate adopters of blockchains, starting with a project to track leafy greens in late 2018. The retail giant deployed the technology in the wake of a series of deadly E. coli outbreaks in the Romaine lettuce industry that forced the destruction of tons of produce — essentially all of it en route to the market — because it took a week or more to trace the contaminated product back to the farm that supplied it.

Each step meant following a paper trail from a supplier to all of its vendors, repeated many times. In many cases, it was actual paper — the FDA’s new Food Traceability rule, which requires record-keeping, isn’t expected to come into effect until this November.