Elrond buys Utrust to accelerate DeFi implementation

Blockchain-based platform Elrond Network has acquired cryptocurrency payment solution Utrust.

Elrond says it is looking to achieve two goals with the acquisition.

Firstly, it aims to conduct payments quicker, cheaper and in a more secure manner by using blockchain technology. It also aims to utilise ‘Merchant Yield’ for payment processing services that will be transformed from a cost for merchants into an income stream.

Elrond has developed a blockchain technology that is intended to serve as the backbone for a new, high bandwidth, low latency, inexpensive financial system that becomes accessible to anyone, anywhere.

The goal is to first make payments fully natively digital by using blockchain to offer near-instant and secure global settlements at a trivial cost, accessible to merchants worldwide, and second, to bring powerful DeFi mechanics into play to create a paradigm shift via Merchant Yield products.

Beniamin Mincu, Elrond Network CEO said that “at their best, payments should happen near-instantly, globally, and at a trivial cost”.

“Enabling this for merchants worldwide is our primary goal,” he mentioned.

“The second product we will be working on together with the newest member of the Elrond family is Merchant Yield, a DeFi-first payment processing solution that will provide yield for merchants, instead of requiring them to pay a percentage of the transacted value.

“The implications are hard to overstate.”