Velo Labs Technology has gained attention due to the impressive rise of its token – VELO – in the last period of time, which recently recorded a 70% increase in a few days.
The first time the company made a strong appearance in the news was about a year ago, when it announced a partnership with Visa. In fact, on the occasion of this partnership, some Internet users compared VELO to another financial asset, XRP.
Who is behind Velo?
Velo is a next-generation financial protocol aimed at businesses.
The project was launched in September 2020 and was founded by Chatchaval Jiravanon, who is still president of the company. He is also the founder of Aeon Thana Shsap, Thailand’s largest consumer finance company and owner of the magazine, Fortune, in the United States.
According to the company’s official website, vice chairman is Tridbodi Arunonandchai and CEO Mike Cowans.
The company’s mission is to connect businesses and individuals with a global pool of capital so they can increase the velocity of money through seamless financial services powered by their Web3 ecosystem.
The team is attempting to achieve its goal with the following features and sub-projects:
- Quantim: A blockchain-powered remittance corridor. It allows end users of each partner company to access the benefits and services of other partner companies that are part of the Velo Network. It offers lower fees, faster transactions and broader coverage to end users. Targeted at institutions.
- Universe: a decentralised multi-chain exchange. For global market traders. To be launched in 2023.
- Nova Chain: an accessible global blockchain network. For token issuers. To be released in 2023.
- Orbit: an app for cryptocurrency payments. For small businesses. It will be released in 2023.
- Warp: A bridge of multiple cross-chain networks. For individuals.
The company has its own token, VELO. It is designed to transfer value through the Velo network and ensure stable fit. The coin’s utility stems from its dual function, both as a guarantee and as a requirement for entry into the Velo ecosystem.
Online traders call VELO “The Asian XRP”, which was also created to become “the most practical cryptocurrency for application in the financial services space”. The company itself calls its token a “digital asset for global financial utility”.
Why is Velo on the rise?
Unlike most cryptocurrencies, which only started to grow in early 2023 due to the improved economic situation in the US, VELO started to get stronger in late 2022.
The main reason was its simultaneous listing on three exchanges: Huobi, Crypto.com and PolinieX.
After this development the asset directly increased by 171.22%.
The next rally in its price started in February, which was probably due to the fact that the company refreshed its website and updated its whitepaper.
The Fed’s announcement of a rate hike (from 4.5% to 4.75%), as well as the sudden rise of Bitcoin, which pulled the entire market up, could also have affected growth.
On February 23, VELO was added to Google Trends, which was also one of the reasons for its growth.
This likely happened after a post by a popular investor, mentor and analyst, ElonTrades, who predicted x100 growth for the asset over the long term.
Will its price increase further?
In the last three months, VELO has only been growing. According to some users, the asset’s growth may attract the attention of other exchanges, which may agree to list it on their platform. In fact, ElonTrades believes that VELO’s next listing will be on Binance.
A coin “burn” could also affect the increase in the token’s value, but this has yet to be announced. Developers can create a total of 30B VELO, 24B of which have already been released.
However, only about 5B VELOs are in circulation as the rest are currently blocked. According to Token.Unlocks, the unlock date is also not yet known.
For now, some investors believe that the next price stop for VELO will be at $0.2-0.3.
We stress that it does not necessarily mean that things will go according to analysts’ estimates.
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