Elrond ($EGLD) and Utrust ($UTK) Join Forces to Address Web3 Payments
The Elrond Network announced a new collaboration with Portugal-based payments startup Utrust to address the future of Web3 technology.
Elrond and Utrust have formed a “union,” according to a joint press statement issued by the two firms. According to the statement, both firms will combine their personnel and products in an attempt to accelerate the adoption of cryptocurrency payments.
Utrust said that the merger furthered their purpose and mission to “service everyone” by bypassing conventional financial institutions’ gatekeepers and empowering people to handle their financial life.
The Portuguese firm emphasised the importance of Elrond, which is capable of processing 100,000 transactions per second:
With Elrond, we will strengthen our technological skills, enabling us to produce quicker and better. We shall be stronger (yes, even stronger!) and have access to resources that were previously beyond our reach. Elrond’s staff is tremendously strong, and they share the same philosophy as we do: it’s all about delivery.
Sanja Kon, CEO of Utrust, said that the combination will expedite the adoption of DeFi payments and shift businesses’ focus away from payments as a cost to income. Beniamin Mincu, CEO of Elrond Network, emphasised the need of scalability transactions, stating that they should occur near-instantaneously and at a low cost to businesses.
Elrond Network also announced that Utrust has completely integrated $EGLD, enabling over 10,000 companies to accept the local currency while still paying in fiat through Utrust.