Blockchain system Elrond Network, which is seen as a competitor to Ethereum with 100,000 transactions per second and low transaction fees, has acquired Portugal-based crypto money payment company Utrust.
“We are excited to announce that Elrond has acquired Utrust, a leading crypto payment service provider. Together with Utrust, Elrond aims to revolutionize e-commerce and payments.” expressions were used.
Utrust also announced its partnership with Elrond by sharing it on its official twitter account.
The day has come: Utrust and @ElrondNetwork have united to take over the #web3 payments landscape.
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
— Utrust (@UTRUST) January 11, 2022
Elrond said that he has two goals with his new purchase. The first of these is to make payments faster, cheaper and more secure by utilizing Blockchain technology. The second is to transform payment processing services from a cost to businesses into a revenue stream.
In the announcement, it was stated that advantages will be brought for the members who own the tokens of the parties and that studies are carried out in this context.
The statement also stated that the main aim is to take advantage of Web 3, the next generation internet built around decentralized applications for online payments.
Elrond CEO Beniamin Mincu said in a statement that payment processors currently offer slow payment times and charge merchants between 3% and 11% of each transaction:
“Payments must be made almost instantly, globally and at an insignificant cost. Enabling this for vendors worldwide is our primary goal.”
Utrust CEO Sanja Kon made the following statements in his statement:
“The idea of making payments from a cost to a revenue stream sounded as crazy to us as it was to anyone who thought of it for the first time.
After discovering this with Elrond, we realized that it was not only possible, but also the inevitable future of payments. That’s why we decided to join forces and accelerate the implementation of DeFi payments.”