Velo Labs and Philippine Digital Asset Exchange (PDAX) partnered to improve cross-border payments to the Philippines using blockchain technology, targeting the $34 billion annual remittance market with faster, cheaper, and more secure transactions.
Velo Labs and PDAX announced a partnership to enhance cross-border payments into the Philippines by leveraging blockchain technology. The collaboration aims to address inefficiencies in traditional remittance systems, which involve multiple intermediaries and high costs. With $34 billion in annual remittances flowing into the Philippines, the partnership seeks to deliver secure, near real-time, and low-cost payment solutions to both the market and end consumers. Velo Labs provides blockchain-based settlement infrastructure, while PDAX is the leading digital asset exchange in the Philippines. Both organizations emphasize blockchain's role in financial inclusion and empowering Filipinos to access better financial services.