This collaboration aims to develop innovative fintech products targeted at the Latin American market. According to the official press release, Latin America is increasingly becoming a significant player in the global cryptocurrency sector. Hyperinflation in the region has led many residents to view cryptocurrencies as stable alternatives to their local currencies. Additionally, cryptocurrencies are being used for faster and more cost-effective remittances, particularly benefiting immigrant communities in countries such as Mexico and Colombia.
This growing trend highlights the need for financial solutions designed specifically for the region’s needs. The partnership between Velmie and Electronic Digital Assets INC aims to address these needs by creating borderless fintech solutions designed to support local communities and stimulate digital economic growth.
Representatives from Electronic Digital Assets INC noted that aligning internal and external contributors to a unified goal was crucial to their previous efforts. They explained that after thorough research, the company identified Velmie as a suitable partner due to its strategic insights, technological expertise, and industry knowledge.
The initiative will feature a new crypto payments platform. Velmie plans to develop a Peer-to-Peer (P2P) Payments and Transfers Platform using its core banking framework. This platform will facilitate business-to-business (B2B) transactions and allow institutions to accept cryptocurrency payments while enabling consumers to securely use their crypto assets within the system. Some of the main attributes of the platform will include fast and secure transactions, advanced encryption, two-factor authentication, and adherence to KYC and AML regulations.
Velmie representatives expressed enthusiasm for the collaboration, describing it as a significant development for both organisations. They believe that the new products will help individuals and businesses in Latin America address their financial challenges through new technology solutions.
Velmie is a fintech software provider that focuses on digital banking, payments, and remittance solutions. The company aims to enhance financial inclusion through technology-driven banking experiences for businesses and their customers.
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