Elrond is a technology ecosystem for the new internet. Its smart contracts execution platform is capable of 15,000 TPS, 5s latency and $0.001 tx cost, focused on fintech, DeFi and IoT. Elrond’s money & DeFi app Maiar offers an intuitive first-time experience with blockchain, offering progressive security and a gamified approach to unlocking more useful features.
With the e-money license from Twispay, Elrond would issue stablecoins that can be used in the European Union.
El National Bank of Romania, south-eastern European country, authorized the startup Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. Elrond to acquire a payment processing platform: Twispay.
Elronda company of Blockchain a layer 1 company focused on distributed applications, received approval from the bank to buy the electronic money companyCapital capital is most commonly defined as the large sum of money you would use to invest. Financial Services, acting under the brand name Twispay.
“This shows that central banks may be shifting from a counterpoint to the crypto space, towards a more neutral or even potentially favourable point.” said Elrond’s CEO and founder, Beniamin Mincu, in an interview with CoinDesk.
Twispay provides an international payment solution that supports multiple fiat fiat currency is “legal tender” backed by a central government, such as the Federal Reserve, and with its own banking system, such as fractional reserve banking. It can take the form of physical cash, or it can be represented electronically, such as with bank credit. currencies and integrates multiple payment methods. The firm is a core member of Visa y Mastercard and is directly involved in the issuance of cards. The company is also licensed to provide payment services and issue electronic money is licensed by the National Bank of Romania and can operate throughout the European Economic Area.
Stablecoins and more
According to media outlets such as Cointelegraph by acquiringTwispay, Elrond is making a strategic move to establish itself as a bridge between traditional finance and the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. industry. “The acquisition also puts Elrond in a strategic position to offer an infrastructure for faster and more cost-effective payment solutions.” says the media.
Other potential use cases are reported to include new stablecoins for Europe, crypto-enabled debit cards, as well as the benefits of DeFi, NFT non-fungible tokens (NFTs) are cryptocurrencies that do not possess the property of fungibility. and other Web3 technologies.
In addition, the Markets in Cryptoassets Regulation (MiCA) proposed by the Commission of the European Union stipulates that the institutions of the European Union must licensed electronic money shall have the right to issue stable currencies, Mincu said.
“We have had focused talks with the Central Bank of Romania about acquiring a licensed e-money institution that would allow us to create stable currencies, for example, in a legal and compliant manner.” dijo Mincu a Coindesk.
A spokesman for Elrond confirmed to Cointelegraph that the issuance of stable currencies is one of the major objectives behind the new acquisition. :
“The main objective is to leverage money that a trader borrows from a brokerage, enabling them to gain far greater exposure to a position than what their capital allows. Twispay’s e-money license to issue stable currencies that can be used in the EU for both personal and commercial use for payments and value transfers, as well as potentially for official use at the institutional level.”
Elrond initially announced plans to acquire the e-money service in October 2021. The latest news from the company comes shortly after acquiring Utrust, un proveedor de servicios de criptopagos, en enero de 2022.
Electronic money, or e-money, is defined as an electronic store of monetary value that is used to make payments to entities other than the issuer of the electronic money. As a standardised means of payment, it has existed for more than a decade, enshrined in European Union directives and regulated regulation is when something is controlled by a specific set of rules. by central banks.
According to European Union standards, UE the license will allowElrond operate e-money services in the EU itself, Iceland, Liechtenstein and Norway.
It is worth remembering thatElrond has been around in Romania for some time now. In April last year, a public university in the country reported that it was accepting tuition payments in the native currency of Elrond, EGLD . Currency currency is a medium of exchange that defines value. that, by the way, has not risen after this new information, as it can be seen at CryptoMarkets .
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