Oracle 21c

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SELECT SUBSTR('VELOCITY', LEVEL, 1) AS ch
FROM   DUAL
CONNECT BY LEVEL <= LENGTH('VELOCITY');

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CREATE TABLE table_name (value) AS
SELECT 'VELOCITY' FROM DUAL UNION ALL
SELECT 'OTHER' FROM DUAL;
2 rows affected

SELECT c.ch
FROM   table_name t
       INNER JOIN LATERAL (
         SELECT SUBSTR(t.value, LEVEL, 1) AS ch
         FROM   DUAL
         CONNECT BY LEVEL <= LENGTH(t.value)
       ) c
       ON (t.value IS NOT NULL)

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