Elrond, a Romanian startup, an Ethereum competitor touting throughput on the order of 100,000 transactions per second, is acquiring Utrust, a Portugal-based cryptocurrency payments firm.
By acquiring Utrust, Elrond wants to achieve two goals. On the one hand, payments are faster, cheaper, and more secure using blockchain technology, and on the other hand, Merchant Yield aims to turn payment processing services from an expense for merchants into a source of revenue. , said the Romanian startup in a communiqué sent, on Tuesday, to the StartupCafe.ro publication.
Utrust is a crypto payment solution that offers instant cash conversion for cryptocurrency payments. The company was founded in 2017 by Nuno Correia, Roberto Machado, Filipe Castro and Artur Goulão.
“In Web3, the new generation of internet that integrates blockchain technology, payments will be processed instantly, globally and at an insignificant cost. Our main goal is to enable merchants around the world to do this. The second product we will be working on with the newest member of the Elrond family is Merchant Yield, a DeFi-first payment processing solution that will provide a more efficient return for merchants, instead of requiring them to pay a percentage of the value traded “, says Beniamin Mincu, CEO of Elrond Network.
“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.
The Elrond startup was founded in 2018 by Beniamin Mincu together with his brother, Lucian Mincu, and entrepreneur Lucian Todea. The company is headquartered in Malta and has a development team in Sibiu.
Elrond is the internet-scale blockchain, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 15,000 transactions per second (TPS), with 6-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
Web3 payments technology. The radically better way to pay and get paid globally.
Utrust is the leading cryptocurrency payment solution designed to modernize the financial and payments industry and solve the problems of traditional payment methods by enabling immediate transactions, buyer protection, and instant settlements for merchants.