Leading smart contract platform Elrond Network today announced the successful acquisition of the top crypto payments solution Utrust.
Utrust Gets Charge from Elrond
Elrond, a leading decentralized, low-latency, scalable, and eco-friendly smart contract platform that can scale more than 100,000 transactions per second (TPS) at minimal costs today announced it had acquired Utrust.
For the uninitiated, Utrust is a major name in the crypto payments solutions space and holds the distinction of being the world’s first crypto payments solution to offer instant transactions, buyer protection, and crypto-to-cash settlements.
Now with Elrond acquiring Utrust, the world of ecommerce and crypto payments is primed to undergo rapid developments.
Elrond’s acquisition of Utrust paves the way for the smart contract platform to accomplish two key goals.
First, by acquiring Utrust, Elrond will play a leading role in making payments the world over faster, cheaper, and more secure via blockchain technology.
Next, Elrond will work toward transforming payment processing services from a cost for merchants into an income stream.
Elrond’s High Throughput Helps It Scale
Elrond makes for a good base-layer for Utrust as payments applications typically require tech infrastructure that is not only secure but also scalable to facilitate hundreds of thousands of transactions per second.
Elrond’s first goal after Utrust’s acquisition is to make payments fully natively digital by leveraging blockchain technology to offer near-instant and secure global settlements at negligible cost. The payments infrastructure developed by Elrond will be seamlessly accessible to merchants worldwide.
Further, Elrond is aiming to bring innovative DeFi mechanics into play to develop a paradigm shift via Merchant Yield products.
Commenting on the development, Beniamin Mincu, CEO, Elrond Network, said:
“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 DeFi-first 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.”
At present, digital payments processors offer slow settlement times and charge merchants anywhere between a wide range of 3% – 11% of each transaction which could often make or break things for a business.
Elrond’s advanced blockchain technology combined with Utrust’s ready crypto payments infrastructure will not only help increase the settlement speeds by orders of magnitude but also considerably mitigate the costs associated with receiving payment.
Further, Elrond will help the merchants transform their payments into a scalable revenue stream. Essentially, this means that merchants anywhere the world over will be able to bring more of the multi-trillion dollar crypto market into their business and make revenue on every transaction they receive instead of paying for it.
Sanja Kon, CEO of Utrust, said:
“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.”