The token is designed to facilitate cross-border payments and settlement within a blockchain-based financial network
Kraken, the US cryptocurrency exchange, has listed VELO, the native token of Velo, a blockchain-based financial protocol, enabling customers to deposit and trade the asset on its platform from Tuesday (Mar 17).
VELO serves as the primary unit of value transfer, settlement and collateral within the Velo ecosystem, which aims to connect traditional financial infrastructure with decentralised finance, the broader term for financial services built on blockchain networks without central intermediaries.
Velo describes its protocol as a system that supports cross-border money transfers, credit exchange networks and localised stablecoin settlement, where stablecoins are cryptocurrencies designed to hold a fixed value, typically pegged to a national currency.
Customers can add VELO through Kraken's Funding section by selecting the asset and initiating a deposit, though the exchange warned users to ensure they deposit only via networks officially supported by Kraken, as transfers made through unsupported networks will result in the permanent loss of funds.
Trading through the Kraken app and its Instant Buy feature will follow once sufficient buyers and sellers have entered the market to allow orders to be matched efficiently.
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Kraken said it does not disclose upcoming listings in advance and that its customer service team cannot confirm which assets are under consideration for future addition.
The listing reflects continued expansion of tradeable assets on major exchanges as blockchain-based financial protocols targeting payments and cross-border settlement attract greater institutional and retail interest.The recap
- Kraken listed Velo's VELO token for trading and deposits.
- Deposits must use Kraken-supported networks or tokens will be lost.
- App and Instant Buy enabled after sufficient liquidity conditions met.
