Lightnet Group is a Singapore-based fintech that builds blockchain-based cross-border payment infrastructure and developed the Velo protocol in partnership with Velo Labs. Velo enables licensed financial institutions to create and exchange Velo digital assets pegged one-to-one with local currencies, with the native VELO token used to help maintain the peg. Lightnet said it will use a $50 million commitment from LDA Capital to boost Web3 and cross-border payments and to 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. Previously, Lightnet raised $31.2 million in a Series A in 2020 from investors including UOB Venture Management, Seven Bank, HashKey Capital and others. No revenue or user metrics were reported in the article.

Total raised

$50M

Funding rounds

1

Latest round

Equity

Latest activity

Aug 2022