Utrust Acquired By Elrond, Joined Forces Aim To Introduce Cryptocurrencies For Merchants

• Elrond has now officially announced that it has successfully acquired Utrust, with an aim to turn payments costs into a revenue stream for merchants.

• However, this acquisition might not alone attract worldwide merchants, and therefore Elrond would launch a new product called Merchant Yield, which would be a web3 payment processing solution.

• The CEO of Utrust revealed that the idea initially seemed quite crazy, but after understanding and exploring it with Elrond, it turned out to be possible and is an inevitable future for payments.

A recent announcement by Elrond revealed that it has now acquired a global cryptocurrency payment solution platform, Utrust. Elrond is a scalable, secure, and fast blockchain platform for business use cases, distributed apps, and a lot more. Simultaneously, Utrust is a cryptocurrency payment solution which is based in Portugal that serves instant settlements for merchants. The details from the acquisition have been posted by Elrond in a blog post, in which the organization said that acquiring Utrust will surely help them to bring a revolution for cryptocurrencies in payments and e-commerce.

Even though the sector of commerce is increasingly digitizing, the payment processor platforms still charge high fees of about 3-11% for each transaction and serve slow settlements. Despite the fact that these figures are not even considerable in the crypto ecosystem, these do make a difference for numerous businesses worldwide among bankruptcy and profitability. Elrond is one of the PoS blockchain platforms that aims to solve this problem.

– Advertisement –

ALSO READ – CBDC & STABLECOINS ACTUALLY COEXIST, VIEWS FROM JEROME POWELL’S HEARING

Blockchain Tech – Backbone For New Financial System

As per the announcement, the first step for Elrond was to acquire Utrust, which would fulfill their two primary goals, including using blockchain technology to make payments more reliable and faster while introducing Merchant Yield, a new product. The organization believes that blockchain tech will be the backbone for the new inexpensive financial system with low latency and high bandwidth, which would be available everywhere for all.

The organization said that the new financial system would use blockchain tech to make payments completely and natively digital with an aim to offer high security and near-instant settlement at trivial cost. This is something that the company believes will attract more merchants worldwide.

The Merchant Yield

Although fast settlements wouldn’t alone attract millions of merchants from around the globe, therefore the organization will introduce a new product. The company explained that the new product it will introduce, Merchant Yield, will be a Web3 solution for payment processing which will convert digital payments into extendable revenues by letting merchants yield from every transaction rather than requiring them to pay a cut from the transacted value. The CEO of Elrond, Beniamin Mincu, said that these implications would be difficult to overstate.

The thought of payments converting from cost to a revenue stream did seem crazy at first as it might seem to anyone, the CEO of Utrust, Sanja Kon, expressed. She continued that when they explored this idea together with Elrond, they did understand that it is possible and is simultaneously unavoidable for the future of payments. This is why they joined forces to boost the implementation of DeFi payments.