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Elrond has announced the acquisition of the Portuguese cryptocurrency payments firm Utrust. Terms of the deal were not disclosed. Representatives from both sides said the details of the agreement would be disclosed at a later date.
The experts noted that the main goal of Elrond’s takeover of Utrust is to enable online payments to take advantage of the next generation of the Internet (Web 3), based on decentralized applications. In this case, transaction processing services will turn from costs to a source of additional income for sellers.
Experts predicted that at the initial stage, the Utrust payment gateway will be integrated into Elrond. Next, users will have access to decentralized finance (DeFi) and blockchain-based staking.
According to Elrond Network CEO Beniamin Minku, payment systems still offer long settlement times and charge merchants between 3% and 11% commission on every transaction. It is very slow and expensive. Therefore, the company wants to change the system so that sellers do not lose money, but receive additional income. The entrepreneur also noted that Elrond works closely with financial regulators from different countries.
Beta testing of the Merchant Yield app, which will be part of the new project, will begin in the first half of 2022. It will include various levels of risk-reward ratios, ranging from Proof-of-Stake betting on the Elrond blockchain to participation in DeFi protocols.
Against the background of this news, the rate of the EGLD token, the issuer of which is Elrond, increased by 4.5%, to $ 200.56 (as of 15:00 Moscow time on January 11). The trading volume in 24 hours was $ 152.46 million (+ 64% per day). Market capitalization of a digital asset – $ 4.01 billion
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