According to TechFlow, on September 18, according to official news, Singapore blockchain payment company Velo Labs announced that it had received a second round of strategic investment from UOB Venture Management (UOBVM), a private equity and venture capital subsidiary of United Overseas Bank (UOB). Velo Labs has recently integrated BlackRock's tokenized short-term government bond fund (BUIDL) into its ecosystem through Securitize's bond support tool.
As of September 2024, UOB has a market capitalization of approximately S$54 billion and total assets under management of over S$500 billion. UOBVM’s continued support for Velo Labs highlights the potential of the rapidly evolving blockchain industry, especially in cross-border payments and real-time multi-asset trading. The Velo Labs management team said: “UOBVM’s continued support, coupled with the recent integration of BlackRock’s tokenized products, marks an exciting new phase for Velo Labs. We are integrating the best financial technologies to create a truly connected ecosystem, and this is just the beginning.”