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Fintech Firm Lightnet Group Gets $50M From LDA Capital to Boost Velo Protocol's Technology

The firm has the option to raise the total commitment to up to $100 million over the next three years.

Updated May 11, 2023, 5:41 p.m. Published Aug 29, 2022, 11:14 a.m.

Lightnet Group received a $50 million commitment from LDA Capital (Shutterstock)

Fintech firm Lightnet Group, creator of blockchain-based cross-border payment infrastructure, has received a $50 million commitment from investment group LDA Capital, the firm said on Monday.

Singapore-based Lightnet said it will use the funds to boost Web3 and cross-border payments through the Velo protocol and expand the protocol's technology. The firm has the option to increase the total commitment to up to $100 million over the next three years.

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Velo, a protocol developed by Lightnet partner Velo Labs, is focused on cross-border payments service, specifically in the Asia-Pacific region. The protocol lets licensed financial institutions create and exchange Velo digital assets pegged one-to-one with local currency with the native VELO token used to help maintain the peg, according to the website.

Lightnet had raised $31.2 million in a Series A funding round in 2020. It raised the funds from the investment arm of Singapore-based multinational United Overseas Bank, UOB Venture Management, Seven Bank, HashKey Capital and others.

UPDATE (Aug 29, 12:31 UTC): Adds additional details and background.

Funding Fintech Singapore

Parikshit Mishra

Parikshit Mishra is CoinDesk's Regional Head of Asia, managing the editorial team in the region. Before joining CoinDesk, he was the EMEA Editor at Acuris (Mergermarket), where he dealt with copies related to private equity and the startup ecosystem. He has also worked as an Senior Analyst for CRISIL, covering the European markets and global economies. His most notable tenure was with Reuters, where he worked as a correspondent and an editor for various teams. He does not have any crypto holdings.

Brandy Betz

Brandy covered crypto-related venture capital deals for CoinDesk. She previously served as the Technology News Editor at Seeking Alpha and covered healthcare stocks for The Motley Fool. She doesn't currently own any substantial amount of crypto.