With the acquisition of top cryptocurrency payments company Utrust, Elrond places a significant wager on Web3 payments in 2022.
With the acquisition of top cryptocurrency payments company Utrust, Elrond places a significant wager on Web3 payments in 2022.
Payments will be quick, cheap, and secure in the Web 3 era. Payment processing will no longer be an expense, but rather become an income stream by introducing potent DeFi principles.
Revolutionize using #web3payments! We are delighted to announce that Elrond has acquired Utrust, the top provider of cryptocurrency payments services.
With the purchase of Utrust, Elrond hopes to achieve the following objectives:
Payments:
Utilize internet-scale payments to make them quicker, less expensive, and more secure. blockchain innovation
Merchant Yield turns the expense of payment processing for businesses into a source of income.
Elrond has created ground-breaking blockchain technology that will act as the foundation of a new, low-cost, high-bandwidth banking system that will be available to everyone, everywhere.
Elrond and Utrust hope to revolutionize payments and e-commerce by acquiring Utrust, the first cryptocurrency payment solution in the world to provide quick transactions, buyer protection, and crypto-to-cash settlements.
Using blockchain to provide nearly instantaneous, secure, and affordable global settlements that are accessible to merchants everywhere, it is first intended to completely digitize payments. Secondly, it is intended to use powerful DeFi mechanics to usher in a paradigm shift through Merchant Yield products.
Payments should, at their ideal, take place almost immediately, internationally, and cheaply. Our main objective is to make this possible for all merchants worldwide. Merchant Yield, a Web3 payment processing solution that will give yield for merchants rather than asking them to pay a portion of the transacted value, is the second product we will be working on with the newest member of the Elrond family. It's difficult to overestimate the implications. proclaimed Elrond Network CEO Beniamin Mincu.
To put things in perspective, despite existing in a fully digital world, payment processors continue to charge merchants anywhere from 3% to 11% of each transaction, a sum that frequently means the difference between profitability and bankruptcy for many businesses throughout the world.
By converting payments into a scalable revenue stream using cutting-edge blockchain technology, we not only accelerate settlement times and significantly lower associated costs with receiving payments, but also enable merchants anywhere to tap into the multi-trillion dollar cryptocurrency market and profit from each transaction they receive rather than paying for it.
"The concept of payments being a revenue stream rather than a cost sounded as absurd to us as it does to anyone considering it for the first time. We discovered after investigating this with Elrond that this is not only feasible but also the future of payments. Therefore, we made the decision to work together and hasten the adoption of DeFi payments.
remarked Sanja Kon, CEO of Utrust.
With the help of Elrond technology, Utrust begins a new phase of growth. one has substantial implications for global retailers and online commerce.
Regarding Elrond
Elrond is an internet-scale blockchain that was built from the ground up to boost throughput and execution speed by a factor of a thousand. A revolutionary Adaptive State Sharding mechanism and a Secure Proof of Stake (PoS) algorithm, which enable linear scaling with a quick, effective, and secure consensus mechanism,
In an effort to support a permissionless, borderless, accessible internet economy, Elrond can execute up to 15,000 transactions per second (TPS), with a 6-second latency and minimal cost.
About Utrust
relating to the Utrust Web3 payment system. the vastly superior method of paying and receiving payments worldwide.
Utrust is a market-leading cryptocurrency payment solution that enables instantaneous transactions, buyer security, and rapid settlements for merchants. It was created to modernize the finance and payments sector and address the issues with conventional payment methods.
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