Velo Labs Secures Second Strategic Investment From UOB Venture Management

According to Odaily, Velo Labs has received a second strategic investment from UOB Venture Management (UOBVM), the private equity and venture capital subsidiary of United Overseas Bank (UOB). The specific amount of the investment has not been disclosed. UOB, with a market capitalization of approximately 54 billion SGD as of September 2024, manages total assets exceeding 500 billion SGD. Velo Labs aims to provide Web3-based financial solutions and a settlement network to facilitate value transfer.