Elrond announces acquisition of leading crypto payments provider

Elrond Network (EGLD/USD) announced the acquisition of Utrust, a leading cryptocurrency payment solution, Invezz learned from a press release. The blockchain that can scale beyond 100,000 transactions per second at negligible costs has two goals with this acquisition, which involve payments and merchant yield.  

Making payments faster and cheaper

Elrond aims to harness the power of blockchain tech to make payments faster, cheaper and more secure. The network also wants to turn payment processing services into an income stream for merchants.

Groundbreaking blockchain tech

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Elrond’s groundbreaking blockchain technology will support a new low latency, high bandwidth, low cost financial system that anyone will be able to access from anywhere. Elrond and Utrust will thus revolutionize payments and ecommerce.

First steps

The first step is to use blockchain tech to render payments fully natively digital and offer safe, near-instant global settlements at a low cost, accessible to merchants all over the world. The next one is to create a paradigm shift through Merchant Yield products, bringing powerful DeFi mechanics into play.

Beniamin Mincu, CEO of Elrond Network, commented:

At their best, payments should happen near-instantly, globally, and at a trivial cost. Enabling this for merchants worldwide is our primary goal. The second product we will be working on together with the newest member of the Elrond family is Merchant Yield, a DeFi-first payment processing solution that will provide yield for merchants, instead of requiring them to pay a percentage of the transacted value. The implications are hard to overstate.

Sanja Kon, Utrust CEO, added:

The idea of payments turning from a cost into a revenue stream sounded as crazy to us as it does to anyone thinking about it for the first time. After exploring this together with Elrond, we not only realized that this is possible, but also that it is the inevitable future of payments. So we decided to join forces and accelerate the implementation of DeFi payments.

Today’s payment processors still offer slow settlement

Processors offer slow settlement and can charge merchants as much as 11% per transaction, which often makes the difference between profit and loss for many businesses.

Elrond and Utrust want to increase settlement speeds and cut payment processing costs, use bleeding edge blockchain technology to make payments fully and natively digital, and transform processing into a scalable revenue stream.