We are thrilled to announce that Elrond has acquired the leading crypto payments service provider Utrust to accelerate DeFi implementation
In the era of Web3, payments will be fast, inexpensive and secure. By bringing powerful DeFi mechanics into play, payment processing will no longer incur costs, but rather become income streams. The goal is to first make payments fully natively digital by using blockchain to offer near-instant and secure global settlements at a trivial cost, accessible to merchants worldwide. And secondly, to bring powerful DeFi mechanics into play to create a paradigm shift via Merchant Yield products.
The combined entity is working to join decentralized finance (DeFi) with payments in a product dubbed Merchant Yield. Elrond and Utrust both have tokens. Companies will update the community early this year on the final mechanics of the deal from a token-holder perspective.
By using blockchain technology, Elrond plans to make payments completely digital. By offer near-instant and secure global settlements at a negligible cost, which will be accessible to merchants all over the world. As it stands, Elrond claims that its blockchain platform has a breakneck speed of over 100,000 transactions per second.
“At their best, payments should happen near-instantly, globally, and at a trivial cost. Enabling this for merchants worldwide is our primary goal. The second product we will be working on together with the newest member of the Elrond family is Merchant Yield, a Web3 payment processing solution that will provide yield for merchants, instead of requiring them to pay a percentage of the transacted value. The implications are hard to overstate.” said Beniamin Mincu, Elrond Network CEO.
“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.” said Sanja Kon, Utrust CEO.