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Elrond continues its acquisition spree, buys crypto payment provider Utrust

Malta-based blockchain infrastructure startup Elrond has acquired crypto payment provider Utrust as it continues to buy businesses of various sizes with myriad capacities.

Elrond

Elrond, the creator of Internet-wide blockchain, said the deal would allow it to make payments faster, cheaper and more securely using blockchain technology. The acquisition of Utrust also aims to transform payment processing services from a cost for merchants to a source of income.

Utrust acts as a cross-border payment gateway through which merchants can accept cryptocurrencies, without transfer fees and in a secure manner. The core of the entire Utrust payment system is to bridge the gap between digital currencies, traditional e-commerce and retailers.

Specifically, Utrust allows customers to make purchases in cryptocurrency, while merchants receive their preferred funds in their bank accounts. The system currently supports payments with Bitcoin, Ethereum, USDT, Utrust, dash and many more. It also provides merchants with instant cryptocurrency settlements and allows their stores to apply for dedicated payment applications.

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Elrond acquires EMI Twispay

“At its best, payments should be made almost instantaneously, globally, and inexpensively. Enabling this for merchants around the world is our primary goal. The second product we will be working on with the newest member of the Elrond family is Merchant Yield, a premier payment processing solution The implications of this are hard to overstate, said Benjamin Minko, CEO of Elrond Network.

“The idea of ​​payments shifting from cost to revenue stream seemed as crazy to us as it does to anyone thinking about it for the first time. After exploring this with Elrond, we not only realized that this was possible, but also that it was the inevitable future of payments. So we decided to join forces and accelerate Implementing DeFi Payments,” added Sanja Kon, CEO of Utrust.

The acquisition comes just three months after Elrond acquired Twispay, a company authorized to operate the Electronic Money Corporation (EMI) in the European Economic Area. A major member of Visa and Mastercard, the newly acquired company provides payment processing services to more than 300 merchants, including companies such as Blue Air, Romania’s largest airline.

These transactions help achieve Elrond’s mission to tackle the hurdles inherent in the blockchain such as speed, scalability, cost, and the degree to which it is configured.

Meanwhile, strict transaction costs, known as gas fees, and delayed transaction processing times on Ethereum sent merchants and developers to Elrond and other competing blockchains. This happened after many projects and investors were priced out and were unable to participate in decentralized finance or NFT activities.

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