Welcome to the Rich bizbros club.
Velo, The Biggest Payment Network EVER and for you retards that don't know this and think yeah another shitcoin, think again. This shit is backed by CP Group, one of the richest families in SE Asia, Chatchaval Jiaravanon is the Velo Chairman, Board member of True, owner of Fortune magazine and family member of CP Group who own all 7Eleven's in Thailand. They can buy the whole YFI supply and make Cronje beg them not to delete his little toy project.
While you faggots were playing with your hand in the sand they've build a real network with a powerful usecase for SE Asia: Remittance and Payment. It does so through two components:
>Digital Credit Issuance Mechanism that will enable merchants/vendors to issue stablecoins on their payment network for clients that deposit FIAT and transfer is using Velo protocol that bridges the payment network to the Stellar blockchain so that everything is transparent, immutable and decentralized.
>Digital Reserve System is a suite of smart contracts that will ensure that the pools of VELO token collateral, backing the digital credits through a rebalancing mechanism are kept at stable levels so that the transfers can be easily linked through the Velo token between merchants.
Why this is big ?
Cross Border remittance highly important in SE Asia due to proximity of countries and high number of people who travel and work abroad, many of whom are unbanked and end up paying way too many fees. Often losing up to 20% of their earnings in the process, with delays to go with it.
With Velo transaction can begin with cash in one country, end in a different fiat cash in another, and the clients won’t need to access traditional blockchain at all. All these chinks will be using this because it will make their lives easier, they don't need high tech shit that costs them 50$ per transfer to deposit money into a savings account, they need shit that is fast and easy to use.
