An important acquisition move is also coming from the Elrond Foundation. Utrust, a crypto payments company based in Portugal, the country known as crypto money friendly in Europe, is included in Elrond.
Although the details of the agreement have not been disclosed yet, it was stated in the announcement that the final preparations were made for the benefits to be brought for the community members who own the tokens of both platforms.
In the statement, it was noted that the main goal is to move online payments to Web3, the next generation internet built around decentralized finance.
As soon as Utrust's payments system is integrated into Elrond, the next step will be to enable businesses to transition to decentralized finance and blockchain-based staking. The two companies will also launch a product called "Return on Business" for this transition. The plan here will be to turn payment services from a cost for businesses to a source of income.
In the joint statement, it was stated that close cooperation with the regulatory institutions will not be avoided and the first application region will be Europe.
Beniamin Mincu, CEO of Elrond Network, said that it is very important for businesses that payments are fast and inexpensive:
“Payments providers still have slow processing capacity today, billing businesses between 3% and 11%. Getting a perfect, instant, and cost-free payment system available worldwide today is a huge step forward. Let's think about it, a % of a business Instead of charging X transaction fees, if we create a revenue door for them and they deduct the cost they pay for the transaction fees with the income they earn here? Even if we add 5% return on top of it? Educating businesses in this sense is also one of our key goals..."
The “Return to Business” application, which will enter beta trial in the first half of this year, will include various layers of risk and return, from staking on the Elrond proof-of-stake blockchain to participating in DeFi protocols.
Sanja Kon, CEO of Utrust, said that their company is regulated in Estonia and currently Bitcoin, Ethereum, Dash, USDT and eGOLD, which is the crypto currency of Elrond, and UTK, which is the token of uTrust, can be used for payments. Kon also noted that businesses are accepting more and more cryptocurrencies in the country.
“By staking in this system, businesses will be able to both generate a revenue stream and diversify their portfolios. We now want to change the way people pay and get paid. Traditional payment systems mostly enable large marketplaces and large businesses. However, other businesses fail to take advantage of similar opportunities. . We want to change that.”