Elrond Acquires Payment Provider Utrust in Attempt to Bring Crypto to Millions of Merchants

Elrond, a high-performance blockchain platform, announced today that it has acquired Utrust, a global cryptocurrency payment solution.

In a press release shared with CryptoSlate, the company said that the acquisition of Utrust will allow it to revolutionize e-commerce and payments.

Elrond is strongly committed to Web3 payments

Despite the increasing digitization of the world of commerce, payment processors still offer slow settlement times and extremely high fees ranging from 3% to 11% of each transaction. And while these numbers are negligible in the world of cryptocurrencies, they often spell the difference between profitability and bankruptcy for many companies around the world.

Elrond, a high-performance PoS blockchain platform, is on a mission to solve this.

The first order of business was the acquisition of Utrust, a Portugal-based cryptocurrency payment solution that offers instant settlement for merchants.

Announced today, the acquisition aims to achieve two distinct goals: making payments faster and more reliable through the use of blockchain technology, and introducing a new product called Merchant Yield.

In a press release shared with CryptoSlate, the company said that its blockchain technology will serve as the backbone for the new low-latency, high-bandwidth, inexpensive financial system that will be accessible to anyone, anywhere.

The new financial system will use blockchain technology to make payments “natively fully digital,” the company said. Blockchain-based payments will offer near-instant settlements and high security without sacrificing costs, something the company believes will attract merchants from all over the world.

“At best, payments should be made almost instantly, globally and at trivial cost. Enabling this for merchants around the world is our primary goal, ”said Beniamin Mincu, CEO of Elrond Network.

However, attracting millions of merchants from around the world will require much more than a quick liquidation. Elrond’s newest product, called Merchant Yield, will transform digital payments into a scalable income stream by allowing merchants to earn on each transaction they receive rather than pay for it.

“The implications are hard to overstate,” Mincu noted.

Sanja Kon, CEO of Utrust, admitted that the idea of ​​turning payments from a cost into a source of income seemed insane at first.

“After exploring this together with Elrond, we realized not only 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, ”he said in the press release.

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Source: https://cryptoslate.com/elrond-acquires-payments-provider-utrust/

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