Elrond Foundation, the firm responsible for developing the Elrond Ecosystem (EGLD), has acquired a significant crypto payments firm, Utrust. The acquisition aims to further the interests of the Foundation in Web 3.0 development “by bringing powerful DeFi mechanics into play.”
Elrond Foundation stepping to Web 3.0
Elrond Foundation believes in the era of Web 3.0, where the payments will be fast, efficient, coupled with low-transaction fees. The acquisition of Utrust will serve the firm in two ways:
- Make payments faster, cheaper, and more secure by using internet-scale blockchain technology
- Transform payment processing services from a cost for merchants into an income stream
In their announcement, the Elrond Foundation revealed that together with Utrust, the Foundation is looking to enhance user experience and “revolutionize e-commerce payments.”
As per the blog, the goal of this new decision from the Elrond Foundation is to make the payments “fully natively digital by using blockchain to offer near-instant and secure global settlements at a trivial cost, accessible to merchants worldwide.”
The collaboration also aims “to bring powerful DeFi mechanics into play to create a paradigm shift via Merchant Yield products.”
Beniamin Mincu, CEO of Elrond Foundation, said that apart from payments, the entity is also working on something called the Merchant Yield. As per Mincu, the Merchant Yield is “a Web3 payment processing solution that will provide yield for merchants, instead of requiring them to pay a percentage of the transacted value.”
As per the announcement from Elrond Foundation, with Merchant Yield, merchants will be able to integrate the multi-trillion-dollar crypto technology into their payments system. Through this payment system, they can receive money fast, and instead of paying for every transaction, they will be earning from them.
Utrust CEO Sanja Kon described that the two firms are collaborating to turn payments into a revenue stream.