From Institutions to Retail, the Partnership is Set to Provide Seamless Investment Opportunities With the Creation of a Next-Generation Financial Ecosystem Connecting Thai Citizens to The Global Market
BANGKOK, March 11, 2021 /PRNewswire/ — Bitazza, Thailand’s leading digital asset brokerage, alongside Lightnet Group, have announced a share acquisition in Bitazza raising 6 million USD to fuel its growth expansion plans. The acquisition will seal a strategic partnership between Bitazza, Lightnet and Velo Labs to create a next-generation financial ecosystem by seamlessly connecting traditional finance to the global digital network, creating a more streamlined pathway between fiat and crypto currencies, and providing millions of Thai users with access to international markets. This collaboration aims to accelerate the mass adoption of blockchain technology in Asia, beginning in Thailand, by challenging SWIFT with a low-cost, near real time, and interoperable network, delivering more accessible and efficient financial services to Thai users.
Bitazza, Lightnet and Velo to Create Next-Generation Financial Ecosystem and to Become the “Go-to” CeDeFi Bridge.
- Bitazza, Lightnet Group and Velo Labs to elevate financial and investment solutions in Asia by expanding its network of partners in the region
- Creation of a new financial ecosystem that will enable seamless movement between fiat and crypto currency, traditional assets and digital assets, and link Thai users to international markets by utilizing licenses, such as Bitazza’s digital asset broker licenses, Lightnet Group’s MPI license under the Payment Services Act (PSA) overseen by the Monetary Authority of Singapore (MAS) and the Electronic Money Institution (EMI) license in the European Union through Bank of Lithuania.
- Velo Tokens will serve as the main bridge asset for the total ecosystem of the CeDeFi Bridge.
- BTZ Tokens will serve as the core utility token for Bitazza’s platform of products and services serving as fuel to its infrastructure and BTZ token holders will receive various discounts, rewards and benefits across the ecosystem.
This agreement between the three parties involved will contribute towards improving the financial mobility and access of millions of users in Asia. Bitazza will enable users to transition between traditional financial services, assets, and the crypto/digital assets market by leveraging their capabilities as a digital asset broker and providing users access to the most liquid and active global digital asset markets. Velo is a blockchain based financial protocol designed for borderless asset transfers as well as digital credit issuance. Lightnet is Asia’s leading cross-border remittance network provider aiming to replace SWIFT by connecting to a global network of innovative FX liquidity and cross-border payments providers to reduce transaction times and lower transfer fees for users.
Chatchaval Jiaravanon, Chairman of Velo Labs adds: "This agreement is a testament to Velo Labs’ and its partners’ continuous efforts to achieve Financial inclusion for millions in the under-served MSME lending market in Southeast Asia and illustrates our commitment towards enabling greater financial inclusion. I hope to allow Bitazza to leverage on local partnerships including True and 7-Eleven to further expand their service networks across the country."
"We are delighted to be a part of this unique collaboration with trusted partners like Bitazza and Velo Labs. We are committed to providing customers from the MSME market in Thailand with another pathway to improve Financial wellness and access" said Tridbodi Arunanondchai, Vice Chairman and Group CEO of Lightnet Group
Kavin Phongpandecha, Chief Executive Officer of Bitazza, states that Bitazza’s plans for expansion into the Asian market, as well as the robust tokenomics underpinning the BTZ token makes Lightnet Group’s investment an intuitive partnership between the parties. This collaboration also represents an opportunity for product integration between the parties involved and extends our collective reach into the various partners throughout the new investor’s network.
Mr. Phongpandecha also goes on to say: "Our goal is to place Thailand at the forefront of the digital and crypto asset industry. Much like Wall Street and Silicon Valley have been the epicenter of Finance and Technology respectively, we hope to shift the paradigm and push Thailand, and eventually Southeast Asia as the global frontier for next-generation financial innovation."
Kevin Heng, Chief Strategy Officer of Bitazza commented, "Not only is this an opportunity for us to work towards Lightnet’s commitment to serve the underbanked and unbanked in conjunction with Bitazza’s mass adoption plans, but it will also raise the standards of financial mobility and access throughout Asia. With this partnership, Bitazza can materialize our vision of an interconnected trade network through direct integration and easy access to local financial institutions and custodian services. By accelerating the reach and adoption of crypto technology through better infrastructure and terms, Bitazza is positioned as a crypto asset platform with a clear pathway towards connecting the masses to the crypto asset market as a whole."
Bitazza was founded by a team of experts in collective fields ranging from finance, information technology, creative development, and others who share a single vision in digital asset growth and adoption as part of the financial technology world. Bitazza’s mission is based on a vision of how digital assets, investment banking and blockchain-based cashless payments can come together and function seamlessly in the near future. As a brokerage, Bitazza provides traders and issuers access to the most liquid and active digital asset markets, globally priced in Asian currencies. Bitazza aims to become Southeast Asia’s platform of choice for listing, trading and managing cryptoassets in a regulated environment.
Bitazza holds a digital asset broker license from the Securities and Exchange Commission and Thailand’s Ministry of Finance. The company is the first digital asset brokerage to offer institutional grade, smart routing of domestic orders to international markets with deep liquidity, and its own digital ecosystem token which will be used as fuel for the Bitazza platform.
Lightnet is a Singapore-headquartered fintech company with the purpose of empowering underbanked populations and MSME trade finance with an inclusive international remittance ecosystem. The Lightnet Group adopts the Velo Protocol as its blockchain protocol and positions itself as the next generation clearing and settlement network across the Asia Pacific region by leveraging blockchain and connecting existing financial systems with its network of cash agents and wallets. The Lightnet Group’s initial focus will be on Southeast Asia remittances which it estimates to be in excess of USD 150 billion per annum.
Lightnet was co-founded by Chatchaval Jiaravanon, a family member of the Charoen Pokphand Group, a leading conglomerate in Asia; and San Francisco-based technology company, Interstellar.
About Velo Labs
Velo Labs’ mission is to build a Federated Credit Exchange Network, and a decentralized settlement network that allows partners to safely and securely transfer value between each other powered by the Velo Protocol. Backed by Stellar Network and CP Group, Velo Labs is currently focusing on serving partners in the Southeast Asia and Asia Pacific region.
Velo Labs’ vision is to complement and connect the existing banking infrastructure to the CeFi and DeFi crypto-industry. Velo’s established and expansive Credit Exchange network positions it as one of the few blockchain projects with a clear path towards mass adoption.