Lightnet Receives $50 Million Capital Commitment From LDA Capital To Scale Velo Blockchain Technology
Global alternative investment group, with expertise in innovative cross-border transactions, adds next-generation financial infrastructure to its investment portfolio
SINGAPORE, 28 August 2022 /PRNewswire/ — Lightnet Group (“Lightnet”) announced Today it has secured one 50 million dollars capital commitment from LDA Capital Ltd (“LDA”) to expand its infrastructure, operations and expand its technology partner (Velo Labs Technology) blockchain technology. Lightnet will have the opportunity to increase 50 million dollars to a total commitment of up to 100 million dollars during the next three years. The funds will be used to facilitate web 3.0 payment and blockchain ledger-based remittance services focused across Asia Pacific and globally around the world.
“Lightnet’s next-generation financial infrastructure, along with Velo Labs disruptive technology, will be the rails of the future for dynamic and regulated markets that provide financial mobility and inclusion across Asia“, commented Warren P. Baker IIImanaging partner and co-founder of LDA Capital.
This investment will allow Lightnet Group to increase growth in the payment and remittance area, expand operational corridors and opportunities, obtain licenses – enable a transition of existing payment and remittance systems to new technology and build #1 CeDef banking network i Asia through its licensed subsidiaries and its continuously growing number of partners. LDA’s capital commitment will also be used to increase internal operations, including hiring employees from around the world to support the expansion of Lightnet’s ecosystem. Lightnet also intends to use part of the funds for development Velo Labs existing technology and contribute to the growth of Velo anchors, remittance partners and liquidity providers, and assist the blockchain company with improvements to its team by hiring key managers and developers.
“We are excited about this partnership and are so pleased that LDA Capital recognizes the value of next-generation remittance services. This investment will allow us to grow and expand our infrastructure, which partners can participate in and develop business solutions. Our unique architecture makes the solution accessible and attainable for anyone to use the service.” stated Tridbodi Arunanondchai, Co-Founder and CEO of Lightnet.
Lightnet Group is one Singapore fintech group headquartered with multiple licensed subsidiaries around the world dedicated to improving the lives of the unbanked and underbanked population throughout Asia Pacificthrough its revolutionary progress in cross-border transmission infrastructure.
Utilizes technology from Lightnet’s close partner Velo Labs, the project intends to be the first real-time blockchain settlement flow for remittances and payments between Money Transfer Operators (MTOs) and banking institutions under regulatory supervision and support. The group intends to pilot programs that enable remittances supported by distributed ledger technology through multiple channels, including the use of stable coins, bypassing the traditional SWIFT settlement process and thereby reducing the need for high pre-financing costs that currently dominate traditional cross-border payment flows. The aim of this project is to demonstrate how the new blockchain technology is offered by companies such as Lightnet’s technology partner Velo Labs can be used in harmony with Lightnet’s existing infrastructure, to enhance and complement remittances in a regulated and secure environment.
In addition with assistance from Velo Labs cutting-edge technology, which is focused on building plug-and-play, blockchain-based remittance solutions, Lightnet will be able to easily connect to a multitude of payment partners worldwide, making the remittance ecosystem and payment options more affordable and accessible. to both companies and customers.
About Lightnet Group
Lightnet Group is one Singapore-head office fintech group with the task of promoting financial mobility and inclusion. Lightnet Group provides unbanked populations and SME trade finance with an inclusive international remittance ecosystem. Lightnet Group’s international remittance ecosystem, in parallel with existing and traditional documentation and process, adopts the Velo protocol as its blockchain transaction documentation protocol and positions itself as the premier clearing and settlement network for Asia Pacific region by connecting existing financial systems with its network of cash agents and wallets. To learn more, please visit www.lightnet.io
About Velo Labs
Velo Labs uses blockchain technology to develop a global settlement network that enables financial institutions to offer secure, near-instant cross-border payments at low costs to retail and corporate customers. Velo Labs works to improve access to efficient financial services by developing key technologies that enable the seamless transfer of value across borders. To learn more, please visit www.velo.org
About LDA Capital
LDA Capital is a global alternative investment group with expertise in cross-border transactions worldwide. Our team has dedicated their careers to international and cross-border opportunities having completed over 250 transactions in both the public and private middle markets in 43 countries with aggregate transaction values of over USD 11 billion. For more information, please visit www.ldacap.com. For inquiries please email: [email protected]
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SOURCE Lightnet Group
