Elrond Foundation and Utrust team up to combine DeFi with payments, in a product dubbed “Merchant Yield”

Elrond Foundation and Utrust team up to combine DeFi with payments, in a product dubbed “Merchant Yield”
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Elrond Foundation and Utrust team up to combine DeFi with payments, in a product dubbed “Merchant Yield”

The merged companies plan to combine DeFi with payments, in a product dubbed “Merchant Yield.”

01/12/2022

Elrond, an Ethereum competitor with 100,000 transactions per second, is purchasing Utrust, a cryptocurrency payments startup based in Portugal, Coindesk reported.

The deal’s details were not disclosed and both platforms contain tokens. Also, the companies stated the combined community will be briefed early this year on the final mechanics of the merger from the standpoint of tokenholders.

Transforming payment processing services

Elrond and Utrust have claimed that they want to enable online payments to take advantage of Web 3. The next version of the internet built around decentralized apps.

After Elrond has integrated the Utrust payment gateway, the next phase is to provide merchants with decentralized finance (DeFi). Also, blockchain-based staking – dubbed “Merchant Yield.”

Furthermore, according to the corporations, the objective is to turn payment processing services from a cost to merchants into a revenue stream. Both companies stated that they welcome tight coordination with financial regulators and that the initial deployment that will focus on Europe.

‘Merchant Yield’

Beniamin Mincu, Elrond Network CEO said payment processors continue to offer lengthy settlement timeframes and also charge firms between 3 and 11% of each transaction.

This year’s Merchant Yield application, which will go live with Beta Testing early next month. It will include some different risk-versus-reward categories that range from staking on the Elrond proof-of-stake blockchain to engaging in DeFi protocols.

Educating merchants with a clear and also straightforward explanation of the new yield product, according to Mincu.

In addition, business is considerably more open to cryptocurrency settlement these days, according to Sanja Kon. He is the CEO of Utrust, an Estonia-based company that handles payments in BTC, ETH, DASH, and USDT, as well as its UTK token and now Elrond eGold (EGLD). In fact, Merchants, Kon says, want to invest in the blockchain ecosystem to generate a profit on their cryptocurrency.

By Elah Mae Ariate Wozinga Staff

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