- Elrond Network has announced the acquisition with Utrust.
- Elrond intends to revolutionize ecommerce and payments.
Creators of internet-scale blockchain Elrond Network could scale beyond 100,000 tps at low costs has announced the acquisition with the leading cryptocurrency payment solution Utrust.
Through the acquisition of Utrust, Elrond plans to set two goals, firstly payments – make faster, cheaper payments and more secure through blockchain technology. Secondly, Merchant Yield which transforms payment processing services from a merchant’s cost into an income stream.
More so, the Elrond has developed a blockchain tech ecosystem which is intended to serve as the backbone for a new, high bandwidth, low latency, inexpensive financial system which becomes accessible for anyone.
Through acquiring the world’s first digital asset payment solution Utrust, Elrond intends to revolutionize ecommerce and payments.
Furthermore, the main aim is to firstly make payments fully digital through utilizing blockchain to provide near-instant and get global settlements at a trivial cost, accessible to merchants around the globe, and second to bring powerful DeFi mechanics into play to develop a paradigm shift through Merchant Yield products.
Elrond Network CEO Beniamin Mincu said,
“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.
Moreover, in a fully digital world payment processors still provide slow time of settlement, and charge merchants anywhere between 3% – 11% of each transaction which is an amount that is rarely the difference between profitability and bankruptcy for a lot of businesses globally.
Through using state of the art blockchain technology to make payments completely and natively digital. They not only increase the settlement speeds and significantly decrease the costs associated with getting payments but transforming them into a scalable stream of revenue. Added to this, merchants will be able to bring more of the multi-trillion dollar digital asset market into their business and get every transaction they receive, rather than paying for it.
Utrust CEO Sanja Kon said,
“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.”
All in all the Elrond technology has stepped into the new chapter of growth. One with significant ramification for merchants and internet commerce worldwide.