Elrond Network acquires Portuguese startup Utrust
Elrond Network has acquired the crypto payments service provider Utrust, aiming to "transform payment processing services from a cost for merchants into an income stream".
Smart contract platform Elrond Network has acquired Portuguese startup Utrust, known for its cryptocurrency payments system, the Romanian company announced this Tuesday.
With this acquisition, Elrond intends to “make payments faster, cheaper and more secure by using internet-scale blockchain technology,” and to “transform payment processing services from a cost for merchants into an income stream.”
To make this transformation in the payment processing services, the company said decentralized finance (DeFi) mechanics will be applied “in order to create ‘a paradigm shift’ via Merchant Yield products.”
“The implications are hard to overstate,” said Beniamin Mincu, Elrond Network CEO, quoted in a press release, adding that this solution “will provide yield for merchants, instead of requiring them to pay a percentage of the transacted value.”