- Stellar is redefining the future of the remittance sector
- Interstellar (a firm that handles global remittances on Stellar) partners with Velo Labs
- The goal of the partnership is to help enterprises provide improved financial services in Asia
Stellar Lumens News Today – once again Stellar will be integral to a huge benefit for the remittance industry. The big news making rounds in the Stellar network is about the report of a collaboration between Velo labs entering a partnership with Interstellar. Interstellar is a firm that specializes in international remittances on the Stellar Blockchain. Interstellar helps to build products and services. The announcement came via a tweet. Regarding the report, Stellar retweeted the thread saying:
“Interstellar and Velo Labs have collaborated to create a platform that leverages the Stellar Blockchain to help businesses offer better financial services within Asia.”
Meanwhile, the Vice Chairman of Velo Labs, Tridbodi Arunanondchai, remarked:
“We are happy to see the kind of value we can create for our users and partners through this endeavor.”
Interstellar Will Offer Velo Labs Technical Consultation
Interstellar will be tasked with providing Velo Labs technical consultation for the endeavor. On the other hand, Velo will provide efficiencies to use cases for large and small entities. From a technical point of view, their primary focus has been on creating a system that offers flexibility, scalability, and reliability. This is one of many projects based on the Stellar Network that provides great use cases.
Users building on Stellar will enjoy real value on the network. Velo and Lightnet will be involved in the remittance market. They are working to connect a strong place for established firms. They have innovated new methods of sending money cheaper and faster. According to the popular analyst, Sydney Ifergan, via a tweet:
“Stellar has continued to redefine the future of the remittance sector through their partnerships.”
The Issue of Key Management and Recovery
Anyone new to using digital assets will need to enjoy a good user experience. This is essential if they want to get ahead of the misconception that crypto isn’t a reliable financial option. One challenge faced by the crypto industry is the issue of key management and recovery. Generally, businesses and developers depend on the end-users regarding managing their crypto wallet accounts and transactions.
According to Denelle Dixon of Stellar, consumers who use digital assets must become more responsible when it comes to utilizing Blockchain technology. This is why there’s a need to create an option (based on Blockchain technology) that user friendly, easy to use, and familiar. This way firms can drive greater adoption. Stellar is focused on creating an option that places user experience and needs at the center of the offering. Dixon also acknowledged the difficulty that many users currently face in this regard. This is particularly true in situations where they are shockingly required to type in a 56-character key.