Elrond Network, an internet-scale blockchain capable of going beyond 100,000 transactions per second at negligible costs, announced that it has acquired Utrust, the leading cryptocurrency payment solution in the market.
With the acquisition of Utrust, Elrond aims to achieve two goals:
- Payments: Making payments faster, cheaper and more secure using blockchain technology
- Business Benefit: Transforming payment processing services from a cost to businesses into a revenue stream.
Elrond has developed breakthrough blockchain technology that aims to serve as the backbone of a new high-bandwidth, low-latency, inexpensive financial system that anyone can access from anywhere.
Together with Utrust, Elrond aims to revolutionize e-commerce and payments by acquiring Utrust, the world’s first crypto payment solution offering instant transactions, buyer protection and crypto-to-cash payments.
The aim is, first, to fully digitize payments locally using blockchain to deliver accessible, near-instant and secure global settlements for businesses worldwide, and second, to deploy powerful DeFi mechanics to create a paradigm shift through Business Earnings.
Making a statement on the subject, Elrond CEO Beniamin Mincu used the following statements:
In this context, in a fully digital world, payment processors still offer slow payment times and charge businesses between 3% and 11% for each transaction; this is often the difference between profitability and bankruptcy for many businesses around the world.
By using next-generation blockchain technology to fully digitize payments, we not only increase the speed of receiving payments and significantly reduce the costs associated with receiving payments, but also transform them into a scalable revenue stream. This way, businesses get more of the trillions-dollar crypto market into their business, and instead of paying for it, they earn from every transaction they take.
Utrust CEO Sanja Kon said:
Powered by Elrond technology, Utrust is entering a new era of growth. This will have significant ramifications for e-commerce and businesses worldwide.
Elrond
About
Elrond is a new blockchain architecture designed from the ground up to deliver a 1000x cumulative improvement in throughput and transaction speed. To achieve this, Elrond introduces two key innovations: a new Adaptive State Sharding mechanism and the Secure Proof of Stake (PoS) algorithm. These provide linear scalability with a fast, efficient and secure consensus mechanism. Thus, Elrond can handle more than 10,000 transactions per second (TPS) with 6 seconds of latency and negligible cost, and strives to be the backbone of a permissionless, unlimited, globally accessible internet economy.
About Utrust
It is a payment technology for Web3. It’s a radically better way to pay and get paid globally. Utrust is the leading cryptocurrency payment solution designed to modernize the finance and payments industry and solve the problems of traditional payment methods by providing instant transactions, buyer protection and instant payments for businesses.