Elrond High Performance Blockchain Team Completed Acquisition of Leading Web3 Utrust Payment Network
Elrond, a blockchain system with an unmtached 100,000 TPS and low fees, advances its infrastructure ecosystem with its latest M&A deal with Utrust payments processor.
Elrond Network acquires Utrust, the Portugal-based Web3 payment start-up
According to the official announcement shared by the Elrond Network (EGLD) team, it has acquired Utrust, a leading crypto payment product.
As the Utrust suite of offerings includes instant transactions, buyer protection and crypto-to-cash conversion, this acquisition will allow Elrond Network to change the game in e-commerce and cross-border payments.
In large part, Elrond Network (EGLD) will advance its services for merchants who accept both cryptocurrency and fiat currency. With the mechanics of Utrust, Elrond will offer near instant settlements in a near cost-free manner.
Sanja Kon, Utrust CEO, stresses the importance of this acquisition for cryptocurrency adoption worldwide and real-world implementation of DeFi mechanisms:
The idea of payments going from a cost to a source of income struck us as crazy as it did to anyone first thinking about it. After exploring this with Elrond, we not only realized that it was possible, but also that it was the inevitable future of payments. We have therefore decided to join forces and speed up the implementation of DeFi payments.
Merchant Yield by Elrond: Introducing new-gen yield instrument for crypto-friendly entrepreneurs
Beniamin Mincu, Elrond Network CEO, is sure that his team is able to make crypto-to-fiat operations suitable for entrepreneurs from all segments:
At best, payments are expected to occur almost instantaneously, globally, and at insignificant cost. Enabling this to traders around the world is our main goal. The second product we’ll be working on with the latest member of the Elrond family is Merchant Yield, a DeFi-first payment processing solution that will provide merchants with a return, instead of requiring them to pay a percentage of the transaction value. The implications are hard to overestimate.
The Merchant Yield solution is a game-changing one: it transforms crypto processing into a passive income stream for Web3-friendly SMEs.
As previously covered by U.Today, Elrond-based startup Itheum has secured $ 1.5 million from Morningstar Ventures to create a fully decentralized data brokerage platform.
