ST. PETERSBURG, Fla.–In response to what it called a rapidly evolving stablecoin market and a shifting regulatory landscape, Velera said it has launched its Digital Asset Lab.
“This collaborative initiative will help position credit unions as leaders in the stablecoin and digital asset space through industry engagement, education, strategic partnerships and pilot programs,” the company said.
“Stablecoins, which combine the speed of digital payments with the stability of traditional currency, are emerging to be a potentially pivotal force in global finance,” Vladimir Jovanovic, vice president of innovation, said in a statement. “As major financial institutions, fintechs and global retailers explore opportunities with stablecoins, it is vital for credit unions to understand their roles and responsibilities when it comes to these digital assets to meet members’ needs and uphold cooperative principles to help shape the future of digital finance.”
The Anchor
According to Velera, its Digital Asset Lab will be anchored in facilitating industry engagement and collaboration, providing education and thought leadership, building infrastructure and forming strategic partnerships for credit union industry stablecoin and digital asset exploration.
“This will include Velera-engaged joint ventures to help address needs like distributed ledger infrastructure and connectivity, blockchain networks, interoperability needs, core banking integrations and more by evaluating, assessing and developing tailored solutions,” the company said.
The First Partner
Velera said the first platform partner will be Metallicus, which it called a pioneering fintech bridging traditional finance with advanced solutions built on blockchain technology.
“As a strategic investor in Metallicus, Velera is partnering with the organization to explore how its multi-purpose blockchain infrastructure enables quick learning, testing and building of solutions most important to Velera’s Digital Asset Lab efforts,” Velera said.
Added Marshall Hayner, co-founder and CEO of Metallicus in a statement, “Joining Velera’s Digital Asset Lab is a significant step in our mission to deliver safe, scalable and compliant blockchain-powered solutions for credit unions nationwide. Through this collaboration, we can help credit unions gain hands-on experience with programmable money, reduced costs, and greater security and transparency – laying the groundwork for future innovation in digital assets.”
The First Participants
Velera said its Digital Asset Lab, which will first open to participants in the company’s Innovation Alliance, will comprise platform partners and credit unions that will first focus on stablecoin and tokenized deposits research and development.
“Ultimately, this group will launch proofs of concept and pilot programs to test stablecoin initiatives and gather feedback across audiences, with a goal of launching tools and products to further credit unions’ stablecoin journeys,” the company said. “This will include understanding the U.S. stablecoin market and cross-border opportunities, as well as its potential role in the shared branch through new experiences and faster settlement.”
‘The Right Approaches’
“The Digital Asset Lab is geared toward identifying the right approaches for different aspects of digital finance,” added Jovanovic in a statement. “This will initially entail evaluating whether a credit union should issue its own stablecoin, join an existing one or another option, as well as what role Velera can play to bring these solutions to the credit union market at scale. We will also explore how stablecoins and tokenized deposits further enhance our shared branch environment, which is a big part of the cooperative movement.
“From there, we can work together to advance and repeat the process based on emerging priorities, from smart contracts to digital identities and beyond,” he added.
Broad Reach
Velera said the Digital Asset Lab will have a broad reach, creating platforms for credit unions to elevate collaboration and open access to innovative technology.
“These novel solutions will allow for increased speed, differentiating credit union solutions through advanced digital asset capabilities with a quick-to-market approach and an inclusive platform designed to benefit all financial institutions,” Velera stated.
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