In an official announcement recently, Lightnet Group confirmed that the company has received a capital commitment worth $50 million from LDA Capital to grow Velo Blockchain Technology. The company added that it will have an option to boost the current $50 million commitment to a total commitment of up to $100 million in the next three years.
The latest capital will help the company’s growth in the payment and remittance space. Based in Singapore, Lightnet is a fintech group that has several licensed subsidiaries around the world. The company is planning to utilize the $50 million capital commitment to support Web3 payment and blockchain-based remittance services.
"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, the Co-Founder & CEO of Lightnet.
Blockchain Technology
The adoption of blockchain technology in the payment sector has jumped significantly in the past few years. Lightnet has a strong cross-border remittance infrastructure. The fintech firm noted that the capital will facilitate the real-time blockchain settlement flow for remittance and payments between Money Transfer Operators (MTOs) and banking institutions.
"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, the Managing Partner and Co-Founder at LDA Capital.
“With the assistance of Velo Labs' cutting-edge technology, which is 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,” Lightnet added in the announcement.
