Elrond buys crypto payments firm Utrust to offer low-cost payments
High-speed L1 blockchain Elrond announced on January 11 that it has acquired crypto payments and settlement company Utrust. With the acquisition, the company plans to offer quicker, cheaper, and more secure payments using blockchain technology as well as introducing a new product called ‘Merchant Yield’.
Blockchains are upgrading the financial system.With payments as perhaps the largest immediate impact and application.Truly thrilled to announce @ElrondNetwork acquires leading crypto payments provider @UTRUST #Web3payments for the next billion.https://t.co/O0t0qZHZnp— Beniamin Mincu (@beniaminmincu) January 11, 2022
Elrond is a high-speed blockchain capable of processing 100,000 transactions per second. A competitor of Ethereum, the blockchain can interoperate with multiple different networks and uses a Secure Proof of Stake (“SPoS”) consensus mechanism where the blockchain selects validators within each shard in every validation round.
Meanwhile, Utrust is a Portugal-based crypto payments company that uses Web 3.0-based payment technology to provide safer and faster immediate payment.
With the acquisition, Elrond aims to generate revenue from high-speed payments that utilize blockchain technology and payment processing services that would otherwise be costly to businesses. Its product ‘Merchant Yield’ will bring a DeFi yield mechanism to commercial payment systems and generate an income stream for merchants.
Sanja Kon, CEO of Utrust, said in the press release:
“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. After exploring this together with Elrond, we not only realized 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.”