Velo Labs, a Stellar-based cross-border settlement protocol backed by Thai conglomerate CP Group, has acquired Interstellar, a Stellar payment startup, in a nine-figure deal. The merger brings Interstellar's leadership to Velo and aims to accelerate blockchain remittance development across Southeast Asia.
Velo Labs, a cross-border settlement protocol incubated by CP Group, has acquired Interstellar, a Stellar-based payment startup founded by Jed McCaleb and others, in a nine-figure USD deal. Following the merger, Interstellar's CEO Mike Kennedy and CTO James Wu will lead Velo Labs. The acquisition is intended to accelerate Velo's blockchain remittance network development and expand its ecosystem of partners. Jed McCaleb noted the deal as significant for the Stellar ecosystem, with potential to drive more anchors to the network and create new on/off ramps in Asia. Velo Labs was founded in 2019 to build a cross-border settlement network focused on Southeast Asia, while Lightnet, its commercial entity, raised $31 million in Series A funding in 2020.
