Internet-scale blockchain Elrond Network (EGLD) announced the acquisition of Web3 cryptocurrency payment solution Utrust (UTK) for an undisclosed amount.
At 10:40 UTC, EGLD is trading at USD 198 – it’s up 2% in a day and down 16% in a week. It has appreciated 445% over the past year. UTK is changing hands at USD 0.43, having gone up 17% in a day, 11% in a week, and 130% in a year.
Per the announcement, Elrond aims to accomplish two goals with this acquisition:
- Payments: make payments faster, cheaper, and more secure by using blockchain technology.
- Merchant Yield: transform payment processing services from a cost for merchants into an income stream.
The first step is to make payments fully natively digital by using blockchain to offer near-instant and secure global settlements at “a trivial cost,” which would be accessible to merchants worldwide. The second step is to utilize decentralized finance (DeFi) mechanics in order to create “a paradigm shift” via Merchant Yield products.
“Elrond together with Utrust intend to revolutionize ecommerce and payments,” said the Elrond team.
Per Utrust’s own announcement, the company has grown “over 1700%” just in the last year, onboarding “tens of thousands of businesses and customers” in under four years.
“In the next twelve months, we will take over European crypto payments,” said Utrust. They explained that Elrond has acquired Twispay, an e-money solution that is licensed to operate across multiple countries, “which will allow us to expand our financial product offerings alongside the licenses we already have and the ones we are currently applying to.” This means, they argue, that they’ll be able to grow further into new markets too, from America to Asia.