Fintech firm Lightnet Group, creator of blockchain-based cross-border payment infrastructure, has received a $50 million commitment from investment group LDA Capital, the firm said on Monday.

Singapore-based Lightnet said it will use the funds to boost Web3 and cross-border payments through the Velo protocol and expand the protocol's technology. The firm has the option to increase the total commitment to up to $100 million over the next three years.

Velo, a protocol developed by Lightnet partner Velo Labs, is focused on cross-border payments service, specifically in the Asia-Pacific region. The protocol lets licensed financial institutions create and exchange Velo digital assets pegged one-to-one with local currency with the native VELO token used to help maintain the peg, according to the website.

Lightnet had raised $31.2 million in a Series A funding round in 2020. It raised the funds from the investment arm of Singapore-based multinational United Overseas Bank, UOB Venture Management, Seven Bank, HashKey Capital and others.

UPDATE (Aug 29, 12:31 UTC): Adds additional details and background.