Thailand-Europe Payments to be Fueled by The Stellar Blockchain Remittance Corridor

Roughly 600 million users will benefit from the Stellar blockchain remittance corridor linking Thailand to 27 countries in Europe.

The corridor provides an excellent opportunity to integrate crypto into conventional finance. The $17 billion remittance corridor has been facilitated by the partnership among 2 local financial institutions: Tempo Payments and Bitazza, and Velo Labs. The three companies will each rely on its network for faster and less costly money transfers.

Thailand will have a connection to 27 countries in Europe through utilizing the blockchain financial protocol of Velo Labs as well as Bitazza and Tempo Payments facilitating the offshore remittance service. Stellar Blockchain will be hosting the corridor which will be available to 600 million users. For on-chain transactions, Velo digital credits and tokens will be used by Stellar blockchain.

The Bank of Thailand (BOT) has deliberated a number of concerns about the crypto industry. Initially, the bank warned against users paying for goods and services with cryptocurrencies, and also urged institutions such as the SEC to make sure that the financial system, the economy, and the public are not risked by the crypto industry. In July, BOT posited price volatility, theft, and money laundering as the main risks of cryptocurrencies. 

Also read: Mark Cuban Dismayed with Tighter Regulations on Crypto – Compares it to Cutting Off e-commerce in ‘95