Low cost dollar smart contract platform with 100,000 transactions per second, Elrond (EGLD), has acquired Utrust, a Portuguese-based cryptocurrency payments company. Thus, DeFi tools are included in Utrust’s payment service series and an important step is taken for the transition to Web3. According to Beniamin Mincu, CEO of the altcoin project, a more affordable payment model for businesses is also among the plans. Details at Kryptokoin.com .
Altcoin project accelerates payments transition to Web3
Elrond and Utrust’s goal is Web 3′, the next generation internet of online payments, built around Dapps. to allow him to take advantage of it. Once the Utrust payment gateway is integrated into Elrond, the next step involves offering businesses access to DeFi and a Blockchain-based staking mechanism called “Business Return”. Sirkedollarser said on Tuesday that the plan is to transform its payment processing service from a cost to a revenue stream for businesses. Both firms say they welcome close cooperation with financial regulators if they are happy, and that the focus of initial rollout is Europe.
Elrond Network CEO Beniamin Mincu says payment processors still offer slow payment times the way things work today, with businesses charging between 3% and 11% of each transaction. In his assessments on the subject, Mincu states that quick and inexpensive payments are now crucial for businesses:
A superior version of seamless, instant and inexpensive payments anywhere in the world is already a big step forward. Let’s think about it, instead of charging X% transaction fee from a business, what if we create a revenue door for them and they deduct the cost they pay for the series of transaction fees with the profit they get here? Even if we add a 5% return on top of it? Educating businesses in this sense is also one of our key goals…
- EGLD price has increased its earnings to 10% in the last 24 hours after the announcement. The 39th largest cryptocurrency by market cap is trading at $206.85 with a market cap of $4 billion.
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