Velo Labs’ Federated Credit Exchange Network to Integrate Chainlink Oracles for Reliable Market Data
Velo Labs is excited to announce that it will integrate Chainlink, a leading decentralized oracle network, in its Federated Credit Exchange Network (FCX). The FCX will leverage Chainlink’s popular decentralized price feeds to obtain fair market exchange rates for a wide variety of currencies and assets. This enables remittances on the FCX to happen in a secure, accurate and timely fashion.
Velo Labs’ FCX is a distributed network that connects an array of traditional, centralized, and decentralized finance partners. Powered by the Velo Protocol, the FCX enables the liquid exchange of digital credits pegged to any fiat currency while guaranteeing last-mile settlement using the VELO token. Its core function — issuing and transacting with digital credits pegged to any fiat currency — necessitates secure and accurate real-time price feeds for fiat, FOREX, and digital assets to generate trusted exchange rates.
Chainlink is the blockchain industry’s leading oracle service provider. The Chainlink framework has repeatedly proven its ability to secure billions of dollars in real value for leading DeFi and CeFi projects, and provides oracle infrastructure for enterprise tech and traditional financial players including provisioning KRW-based exchange rates for CenterPrime — an open banking initiative of top Korean banks. In this regard, Chainlink and Velo Labs have a shared vision, as Velo Labs is actively connecting the legacy finance, CeFi, and DeFi industries using the FCX, having recently announced a partnership with the Lightnet Group and Visa.
Tridbodi Arunanondchai, Vice Chairman of Velo Labs states: “Velo Labs and Chainlink are a perfect match. With our Federated Credit Exchange Network now live and operational, the need for high-quality oracle solutions cannot be overstated. Chainlink’s secure, decentralized price feeds will provide Velo Labs’ partners with high-quality market data, ensuring transactions made on the FCX are highly reliable and reflective of market-wide pricing aggregated from industry-leading sources.”
Velo Labs decided to integrate Chainlink price feeds due to their numerous features that guarantee the generation of consistently reliable data feeds, including:
- Premium High-Quality Data: price data is sourced from numerous high-quality data aggregators, which maintain volume-adjusted market coverage across all trading environments. This ensures users are always consuming high-quality data.
- Secure Oracles: Chainlink price feeds are supported by numerous independent, security-reviewed oracle nodes run by leading blockchain DevOps, leading to reliable services that are resistant to Sybil attacks.
- Decentralized Security: oracle and data sources are decentralized, providing users with high network uptime and resistance to data manipulation.
Chainlink price feeds already include a large and growing list of live price oracle networks for numerous asset types such as FOREX, cryptocurrencies, commodities, and more. Chainlink’s Proof of Reserve oracle networks are designed to provide automated, on-demand audits of the off-chain reserves backing on-chain tokenized assets.
By leveraging Chainlink’s decentralized and flexible oracle networks, Velo Labs can support a vast array of new on-chain financial products backed by customized data points, such as the ability to issue digital credits pegged 1:1 with more varied financial baskets. Chainlink’s price feeds will also be of benefit to Velo Labs’ many partners, as they transact on the FCX. In fact, two of Velo Labs’ partners, Lightnet Group and SEBA Bank, recently completed the 1st-ever live transaction on the FCX — months ahead of schedule!
Additionally, independent developers building DApps using the Velo Protocol will also have access to Chainlink oracles, allowing them to build new financial applications using high quality data from any off-chain source. The possibilities are truly limitless when talented developers are empowered to solve real-world problems with support from Velo Labs and Chainlink.
Daniel Kochis, Head of Chainlink Business Development, states: “We are excited to provide highly reliable, decentralized price feeds to Velo Labs and the FCX as a whole. By using our proven, in-production oracle networks for price feeds and FX rates, FCX users can have confidence that the on-chain prices triggering their transaction are tamperproof, highly available, and reflect market-wide prices, leading to remittances that the global market can truly trust.”
About Velo Labs
Velo Labs’ mission is to build a Federated Credit Exchange Network, powered by the Velo Protocol. The Velo Protocol is a financial protocol that issues digital credits pegged to any fiat currency, and ensures that these digital credits are always collateralized by the right amount of VELO tokens to maintain a 1:1 digital credit to fiat currency value ratio. Backed by Stellar Network and CP Group, Velo Labs is currently serving business partners in Southeast Asia. By connecting the legacy finance, CeFi and DeFi industries, Velo Labs’ Federated Credit Exchange Network positions Velo Labs as one of few blockchain projects with a clear path towards mass adoption.
About Chainlink Network
Chainlink is the most widely used and secure way to power universal smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter.