Velo Protocol has announced on its twitter account that it has broken many KuCoin Spotlight records. KuCoin Spotlight is a platform to raise platform for crypto projects and these projects get immediately listed on KuCoin exchange after IEO.
The only supported trading pair is VELO / USDT. IEO price was 5 cents, it spiked to 50 cents, and is now back at mid 30’s.
Since Velo is a Stellar token so we do expect it to become available on Stellar decentralized exchanges like StellarPort, StellarTerm and so on. This should bring much-needed volume and users to Stellar decentralized exchanges.
Velo is big in Thailand and provided guaranteed cross border remittance services.
In their whitepaper, they give myriad reasons for going with Stellar instead of Ethereum which is most popular platform for trading tokens right now.
The reason Stellar was chosen as the technology for issuance of the VELO token is because it is one of the fastest, cheapest, most efficient, and secure blockchains in the market. When looking at the major blockchains, Bitcoin is only able to process 3-4 transactions per second and Ethereum 20 transactions per second. From a transaction cost perspective, Ethereum and Bitcoin are cost prohibitive for small payments due to high network activity. The Stellar blockchain can complete 1000 transactions per second, which is especially suitable for financial scenarios such as remittances and payments.
$VELO trading service is now available in the #KuCoin Spot market
Happy trading! ➡️ https://t.co/K6p0H6711S https://t.co/jJ9mKJOlZT
— KUCOIN (@kucoincom) September 17, 2020
