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Elrond Bets Big On Web3 Payments In 2022 With The Acquisition Of Leading Crypto Payments Provider Utrust
With the acquisition of Utrust, Elrond sets out to accomplish two goals:
Payments: make payments faster, cheaper and more secure by using internet-scale blockchain technology
Merchant Yield: transform payment processing services from a cost for merchants into an income stream.
By acquiring Utrust, the world’s first crypto payment solution to offer instant transactions, buyer protection and crypto-to-cash settlements, Elrond together with Utrust intend to revolutionize ecommerce and payments.
Elrond is the internet-scale blockchain, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 15,000 transactions per second (TPS), with 6-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
Web3 payments technology. The radically better way to pay and get paid globally.
Utrust is the leading cryptocurrency payment solution designed to modernize the financial and payments industry and solve the problems of traditional payment methods by enabling immediate transactions, buyer protection, and instant settlements for merchants.