Velo Labs receives a second strategic investment from UOB Venture Management

according to Cointelegraph, Velo Labs has received a second strategic investment from UOB Venture Management (UOBVM), a private equity and venture capital subsidiary of United Overseas Bank, with the specific amount not disclosed.

It is reported that United Overseas Bank has a market capitalization of approximately SGD 54 billion (as of September 2024) and manages total assets exceeding SGD 500 billion. Velo Labs will provide Web3-based financial solutions and settlement networks for value transfer.