Cross-border remittance currently stands as one of crypto's all-time utilise cases that will thrust it into mainstream finance. Running parallel to this trend, a new partnership betwixt Velo Labs and 2 fiscal institutions has now resulted in a $17-billion remittance corridor between Europe and Thailand.

Using Velo Labs' blockchain-based financial protocol, local financial institutions Tempo Payments and Bitazza will host the cross-border remittance service, connecting Thailand and 27 European countries.

The corridor volition be hosted on the Stellar blockchain and will make utilize of Velo tokens and Velo digital credits for the on-chain transactions. The new corridor volition exist serviceable for around 600 million customers across the Southeast Asian nations and Europe.

The proclamation said that all three partner companies intend to deliver a faster and cheaper coin transfer selection "by relying on their respective networks."

Related: Thailand'due south central bank warns against using digital currencies for payments

But last month, the Banking company of Thailand (BOT) issued a warning against crypto holdings, citing risks including money laundering, theft and cost volatility.

The BOT also raised concerns almost the widespread employ of crypto, request users to avoid paying in crypto for goods and services. The BOT also plans to involve agencies such as the Securities and Exchange Commission "to ensure that they (digital assets) exercise not pose extensive risks to the general public or the economic and financial system."