The Velo and Solana Foundation has announced a partnership on a clearing house for Laos Digital Gold transactions. In an April 8 announcement, Velo disclosed a memorandum of understanding (MOU) to establish the clearing house for the project.
This would be in collaboration with its partner Lightnet and the e Solana Foundation. Velo will serve as the infrastructure layer and the clearing house for the project’s transactions while Solana will be the blockchain settlement layer for Laos Gold.
According to the release, this is structured to secure all transactions on the blockchain and create a seamless processing experience for users. In view to promote interoperability and a connected ecosystem, the Laos Digital Gold project will be structured to connect Solana’s blockchain, Nova, and EVM-compatible chains.
“The MOU also includes a robust bridging mechanism to enhance interoperability between Solana‘s L1, Nova, and EVM-compatible chains. This initiative aligns with the blockchain principle of interconnectedness, promoting connectivity and accessibility of digital assets across different blockchain networks.”
This will enable the Laos Digital Gold Project to expand its adoption rate with users seeking greater benefits in the system. The team stresses the partnership of Solana as a blend of financial investment and opportunity in the digital space.
Furthermore, the platform will implement liquidity management protocols including on-ramp and off-ramp systems on the Solana blockchain. This would be released in Southeast Asia before a subsequent global release to strengthen digital asset transactions.
This comes on the back of a key partnership with the Solana Foundation including new upgrades and an increasing user base. Per the agreement, Velo is ensuring the smooth running of the Laos Gold. This includes validating transactions, upholding trust, and ensuring the execution of contractual obligations on Solana.
“The collaboration marks a significant advancement, unlocking new possibilities for asset transfers, liquidity provision, and Web3 activities, meeting the rising demand for cross-chain transactions and contributing to the growth of the Web3 ecosystem.”
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