Elrond Network has announced the acquisition of Utrust, a leading cryptocurrency payment solutions provider. The company did not reveal how much the acquisition cost, however.
By acquiring Utrust, Elrond together with Utrust intend to revolutionize e-commerce and payments. Utrust boasts of being the world’s first crypto payment solution to offer instant transactions, buyer protection and crypto-to-cash settlements.
With the acquisition of Utrust, Elrond intends to transform payment processing services from a cost for merchants into an income stream. In addition, it aims to make payments faster, cheaper, and more secure by using blockchain technology.
The company is making payments fully natively digital by using blockchain to achieve its aim. That will enable it to offer near-instant and secure global settlements at a meagre cost. Additionally, it will enhance access to merchants worldwide and integrate powerful DeFi mechanics. Ultimately, these will help bring drastic change to the manner of delivering Merchant Yields.
The Merchant Yield is a payment processing solution operating on the DeFi model. Instead of requiring them to pay a percentage of the transacted value, it will provide yield for merchants.
Commenting on the partnership, Utrust CEO Sanja Kon, stated, “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.” He added that in-depth discussions with Elrond made them realize its practicability. In his assessment, it is “the inevitable future of payments”.
At their best, payments should happen near-instantly, globally, and at a trivial cost. Enabling this for merchants worldwide is our primary goal.“
The platform will increase settlement speeds and significantly decrease payment processing costs by using state-of-the-art blockchain technology. The resultant efficiency will create a scalable revenue stream. Specifically, it will enable merchants anywhere to bring more of the multi-trillion dollar crypto market into their business. Instead of paying for it, they will earn from every transaction they receive.
Elrond Network is the internet-scale blockchain designed to bring cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism and a Secure Proof of Stake (PoS) algorithm. This ensures linear scalability with a fast, efficient, and secure consensus mechanism.
The firm aims to become the backbone of a permissionless, borderless, globally accessible internet economy. Thus, Elrond can process over 15,000 transactions per second (TPS), with 6-second latency. In addition, its transaction costs are near-negligible.
Utrust is the leading cryptocurrency payment solution designed to modernize the financial and payments industry. It also solves the problems of traditional payment methods by providing near-instant processing solutions. Furthermore, the platform has built a reputation for excellent buyer protection and instant settlements for merchants.