Financial services platform EvryNet has merged with blockchain-based international money transfer business Velo Labs in an effort to create a more efficient and secure global money transfer system. The merger will bring together two companies that have a great synergy in terms of their products and technologies. Additionally, the merger will aim to offer a combined retail and institutional market of Defi adopters as its target demographic for service. Also, in comparison to traditional financial institutions, Velo Labs enables financial institutions to transfer value across borders far more efficiently.
The Velo Labs and EvryNet synergy
Velo Labs is in the process of establishing a blockchain-based, compliance-first global settlement network. Its goal is to provide individuals and organizations with the ability to make cross-border payments that are quick, secure, and affordable. Obviously, there are numerous advantages to bringing Velo and EvryNet together. With the help of EvryNet and Velo’s access to institutional partners, a true CeDeFi ecosystem will be born. Together, these two teams bring a wealth of crypto-specific experience to the table.
Centralized Finance (CeFi) can now be implemented in the DeFi world thanks to EvryNet. For investors, the decentralized applications of EvryNet open up a whole new universe of assets, investments, and innovative strategies. Concurrently, EvryNet exposes DeFi initiatives to a wider ecosystem of investors in order to kickstart a sustainable growth cycle. As the DeFi market continues to grow, the future investment landscape will be more competitive. Therefore, strategic partnerships will become increasingly important.
Mike Cowans, Velo Labs CEO commented on the merger, stating, “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.”