Lightnet Receives $50 million capital commitment from LDA Capital to Boost Velo Blockchain Technology
Global alternative investment group, with expertise in innovative, cross border transactions, adds next generation financial infrastructure to its investments portfolio
SINGAPORE, Aug. 28, 2022 /PRNewswire/ — The Lightnet Group (“Lightnet”) announced today it has secured a $50 million capital commitment from LDA Capital Ltd (“LDA”) to grow its infrastructure, operations, and expand its technological partner’s (Velo Labs Technology) blockchain technology. Lightnet will have the option to increase the $50 million to a total commitment of up to $100 million over the next three years. The funds will be utilized 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 future rails for dynamic and regulated markets providing financial mobility and inclusivity across Asia,” commented Warren P. Baker III, Managing Partner, and Co-Founder at LDA Capital.
This investment will allow the Lightnet Group to boost growth in the payment and remittance space, expanding operating corridors and opportunities, obtaining licenses – enabling a transition of existing payment and remittance systems towards new technology and building the #1 CeDefi banking network in Asia through its licensed subsidiaries and its continuously growing number of partners. LDA’s capital commitment will also be utilized to increase internal operations including hiring of employees from around the globe to support the expansion of Lightnet’s ecosystem. Lightnet also intends to utilize part of the funds to develop Velo Lab’s existing technology and contribute to the growth of Velo anchors, remittance partners and liquidity providers, and assist the blockchain company with enhancements of its team by hiring key management officers and developers.
“We’re thrilled with this partnership and are so glad that LDA Capital recognizes the value of the new generation remittance services. This investment will allow us to grow and expand our infrastructure, which partners can participate in and grow business solutions. Our unique architecture makes the solution accessible and attainable for anyone to adopt the service.” stated Tridbodi Arunanondchai, Co-Founder & CEO of Lightnet.
The Lightnet Group is a Singapore headquartered fintech group with several licensed subsidiaries around the globe dedicated to improving the lives of the unbanked and underbanked populations throughout Asia Pacific, through its revolutionary advancement in cross-border remittance infrastructure.
Leveraging technology from Lightnet’s close partner Velo Labs, the project intends to be the first, real-time blockchain settlement flow for remittance and payments between Money Transfer Operators (MTOs) and banking institutions under regulatory supervision and support. The group intends to pilot programs that enable remittance backed by distributed ledger technology through multiple channels including the use of stable coins, bypassing the traditional SWIFT settlement process and thus reducing the need for high costs of pre-funding that currently dominates traditional cross-border payment flows. The goal of this project is to demonstrate how the emerging blockchain technology offered by companies like 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.
Additionally, with the assistance of Velo Labs cutting-edge technology, who are focused on building plug-and-play, blockchain-based remittance solutions, Lightnet will effortlessly be able to connect to a multitude of payment partners across the globe, making the remittance ecosystem and payment options more affordable and accessible to businesses and customers alike.
About Lightnet Group
Lightnet Group is a Singapore-headquartered fintech group with the mission of promoting financial mobility and inclusivity. Lightnet Group empowers unbanked populations and SME trade finance with an inclusive international remittance ecosystem. The Lightnet Group’s international remittance ecosystem adopts, in parallel to existing and traditional documentation and process, the Velo Protocol as its blockchain transaction documentation protocol and positions itself as the premiere clearing and settlement network for the 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 is using blockchain technology to develop a global settlement network that empowers financial institutions to provide secure, near-instant cross-border payments at low cost for individual and business customers. Velo Labs is working to improve access to efficient financial services by developing key technologies that allow for 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 career to international & cross border opportunities having collectively executed over 250 transactions in both the public and private middle markets across 43 countries with aggregate transaction values of over US$11bn. For more information, please visit www.ldacap.com. For inquiries please email: [email protected]
SOURCE Lightnet Group