Velo is a blockchain-based financial protocol that claims to utilize a smart contract system to enable the issuance of digital credit and transfer assets across borders. As per the website, Velo seeks to offer a next-generation financial protocol to help in the issue of collateral-backed digital credits for real-world use cases to address the problem of low blockchain technology.

Velo's primary goal is to create a decentralized settlement network that allows their Trusted Partners to securely and transparently transfer assets to one another. The whitepaper mentions that despite recent developments in financial infrastructure, cross-border currency transfers between different types of institutions and service providers remain problematic. Velo's technology claims to enable frictionless and safe digital credit transfers, eliminating the friction and hurdles of the current value transfer process. Once a Trusted Partner joins the Velo Ecosystem, they will be able to transact with any other Trusted Partner at any time and in any location. Businesses, migratory workers, and end users are claimed to be able to access better service at a lesser cost than is currently available.

The native token of the platform is denoted by "VLO." VLO are utility tokens utilized as smart contract locked collateral for value transfers to secure the settlement of digital credits issued in the ecosystem. With the addition of new business partners and end users, the value of VLO tokens seeks to increase as demand for digital credits grows and transfer volumes increase.

Due to their latency and the time-consuming consensus process, many cryptocurrencies are restricted in their use for payments. This hinders the currency from processing large transactions. With these restrictions, cryptocurrencies have yet to pose a severe challenge to the payment industry's established players. 

Since Stellar is one of the quickest, cheapest, most efficient, and secure blockchains on the market, it was chosen for the VLO token's issuance technology. The Stellar blockchain has a transaction rate of 1,000 per second, making the blockchain ideal for financial activities like remittances and payments.

Mike Kennedy is one of the cofounders of Velo. He is the CEO, board member, adviser and tech expert for the Velo Labs platform. The whitepaper of VLO was published on July 13, 2020. The maximum total supply of VLO tokens is 30 billion coins.