Elrond, which recently acquired payments gateway Utrust, did not disclose the financial details of the acquisition, but it was called a ‘landmark decision’ on the part of a European central bank.
Electronic money, or e-money, is broadly defined as an electronic store of monetary value used for making payments to entities other than the e-money issuer. As a standardised means of payment, it’s been around for over a decade, enshrined in European Union directives and regulated by central banks.
Under EU passport rules, the licence will allow Elrond to operate e-money services across the EU, Iceland, Liechtenstein, and Norway.
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