LDA Capital has agreed to invest $50 million in Singapore’s Lightnet, with the possibility of an additional $100 million over the next three years.
According to Lightnet, the money will be used to expand both its operations and infrastructure as well as to advance the blockchain technology of its tech partner, Velo Labs Technology. Additionally, the funds will be utilised to support blockchain-based remittance services for Asia Pacific-focused web3 payments.
The funding will also assist the company in expanding its internal operations, including recruiting more staff and obtaining permits.
Using its cross-border remittance infrastructure, the fintech company, which has authorised subsidiaries all over the world, claims it wants to “improve the lives of the unbanked and underbanked populations throughout Asia Pacific.”
The team wants to create the first real-time blockchain settlement flow for remittance and payments between money transfer companies and banking institutions with the help of partner Velo Labs.
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