Low-cost smart contract platform Elrond (EGLD) with 100,000 transactions per second has acquired Utrust, a Portuguese-based cryptocurrency payments company. Thus, DeFi tools are included in Utrust’s payment services and an important step is taken for the transition to Web3. According to Beniamin Mincu, CEO of the altcoin project, a more cost-effective payment model for businesses is also in the plans. Details cryptocoin.com‘in.
Altcoin project accelerates payments transition to Web3
Elrond and Utrust’s goal is to allow online payments to take advantage of Web 3, the next generation internet built around Dapps. Once the Utrust payment gateway is integrated into Elrond, the next step involves offering businesses access to DeFi and a Blockchain-based staking mechanism called “Business Return”. The companies said on Tuesday that the plan is to transform their payment processing services from a cost to businesses into a revenue stream. Both firms say they welcome close collaboration with financial regulators and that the focus of initial rollout is Europe.
Beniamin Mincu, CEO of Elrond Network, says that payment processors still offer slow payment times the way things work today, with businesses charging between 3% and 11% of each transaction. In his evaluations on the subject, Mincu states that it is very important for businesses that payments are fast and inexpensive:
A premium version of seamless, instant and inexpensive payments anywhere in the world is already a big step forward. Let’s think about it, instead of charging X% transaction fee from a business, what if we create a revenue door for them and they deduct the cost they pay for the transaction fees with the profit they earn here? Even if we add a 5% return on top of it? One of our key goals is to train businesses in this sense in a simple way…
- EGLD price has reached 10% gain in the last 24 hours after the announcement. The 39th largest cryptocurrency by market cap is trading at $206.85 with a market cap of $4 billion.
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