Velo Labs has received its second strategic investment from UOB Venture Management (UOBVM), a private equity and venture capital subsidiary of UOB Bank, for an undisclosed amount. With a market capitalization of approximately US $54 billion (as of September 2024) and total assets under management exceeding US $500 billion, Velo Labs will provide a Web3-based financial solution and settlement network to enable value transfer. (Cointelegraph)