FutureStream Networks (FSN), a Korean mobile marketing company specializing in advertising and application technologies, signed a partnership agreement with Velo Labs Technology to expand the activities in Decentralized Finance (DeFi) through SIX Network, FSN’s decentralized financial service arm.
Velo Labs is a blockchain-based, enterprise-grade, and compliance-first financial protocol that enables digital credit issuance and borderless asset transfer for businesses using a smart contract system. Founded in 2018 by Chatchaval Jiaravanon, a serial investor, executive, entrepreneur, and the current owner of US-based Fortune Magazine and advised by Jed McCaleb, founder of Ripple and Stellar, Velo Labs aims to build a global settlement network to make it faster, cheaper and more accessible. The company has been known for its outstanding scalability and technology in the blockchain industry since its inception.
“The synergy between the two projects in Southeast Asian markets, will contribute to Definix’s position as a trusted comprehensive crypto asset management platform,”
- said Cho Chang-hyun, CEO of FSN ASIA.
Through this MOU, a total of 100 million VELO tokens (estimated value of 28.85 million USD as of the rate from CoinMarketCap on 7AM of 30 September 2021) will be deposited to create 3 liquidity pools for VELO: VELO — BNB, VELO — FINIX, and VELO — BUSD on Definix. This drives Definix’s Total Value Locked to exceed USD 100M in the future.
In addition to the liquidity pools, which will allow VELO swap on the DeFi exchange, SIX Network also plans to develop a bridge between Stellar Lumen (XLM), and Binance Smart Chain (BSC) to enable cross-chain transactions of VELO on Definix, followed by a 6-month staking pool and DeFi farms.
Officially launched in April 2021, Definix is SIX Network’s most recent project. It marks the second DeFi project on Klaytn chain, following the chain’s first official DeFi platform, “KLAYswap’’ by Ozys. We are looking to continuously expand the ecosystem through partnerships with Iotrust, D’CENT wallet, and more.
Definix, an investment management platform, is running on 2 world-class blockchain networks: Binance Smart Chain and Klaytn Chain. Definix’s primary features include Rebalancing Farm, unique systematic machinery to help with cryptocurrency (money) management and portfolio risk adjustment, Decentralized Exchange (DEX), and Yield Farming.
This collaboration marked VELO’s first step on Decentralized Finance and bridge the token to the immense growth opportunities in DeFi users.
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