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Elrond acquires crypto payments firm Utrust

Tuesday 11 January 2022 14:07 CET | News

Elrond, an Ethereum competitor has acquired Utrust, a Portugal-based cryptocurrency payments firm.

The terms of the deal were not disclosed. Both platforms have tokens, and the firms said the combined community will be updated early this year on the final mechanics of the deal from a tokenholder perspective.

Allowing online payments to take advantage of Web 3, the next generation of the internet built around decentralized applications, is the stated goal of Elrond and Utrust. Once the Utrust payment gateway has been integrated into Elrond, the next step involves offering merchants access to decentralized finance (DeFi) and blockchain-based staking.

The plan is to transform payment processing services from a cost for merchants into an income stream. Both firms said they welcome a close collaboration with financial regulators and that the focus for an initial rollout is Europe.

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Keywords: acquisition, cryptocurrency exchange, crypto, tokenization
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: Europe
This article is part of category

Blockchain & Cryptocurrencies