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 Portugal-based Web3 payments start-up Utrust
According to the official announcement shared by the team of Elrond Network (EGLD), it has acquired Utrust, a leading crypto payments product.
The day has come: Utrust and @ElrondNetwork have united to take over the #Web3 payments landscape.— Utrust (@UTRUST) January 11, 2022
Today, a new era begins for #crypto payments. We are going bigger, faster, and better than ever before.
Read our announcement here ? https://t.co/TMDgvSB0gv pic.twitter.com/DqvbR0h03g
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.
Largely, Elrond Network (EGLD) is going to advance its services for merchants that accept both cryptocurrency and fiat money. With Utrust's mechanisms, Elrond will offer nearly instant settlements in an almost zero-fee 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 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.
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 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.
The Merchant Yield solution is a game-changing one: it transforms crypto processing into a passive income stream for Web3-friendly SMEs.
As covered by U.Today previously, Elrond-based startup Itheum secured $1.5 million from Morningstar Ventures to build a fully decentralized data brokerage platform.