Velasco started his career in the youth system of Independiente, having joined the club in 2012.[2][3][4][5] He was promoted into their first-team, aged sixteen, towards the end of the 2018–19 campaign, with the winger initially appearing as an unused substitute for a Copa Sudamericana second stage encounter with Rionegro Águilas on 21 May 2019.[6][7] He was again on the bench for the second leg on 28 May, with Velasco subsequently making his professional debut at the Estadio Libertadores de América; replacing Jony in added time.[6][8] Sixteen appearances later, Velasco scored his first senior goal in the Sudamericana away to Fénix in Montevideo.[6]
On February 1, 2022, Velasco was announced by FC Dallas as its costliest signing ever at that time in a four-year deal reported at $7 million with potentially an additional $1.7M based on incentives. Independiente will also receive 15% of his next sale.[9]