Blockchain firm Elrond has finally received the approval of the National Bank of Romania to take ownership of Twispay- a brand that operates under Capital Financial Services SA.
In what can be dubbed as yet another landmark stride towards achieving its goal of developing extremely scalable and fast blockchain technology, Elronds’ acquisition of Capital Financial Services SA would undoubtedly result in an increased functionality for the Twispay brand which is a major player in the provision of international payment solutions that encompasses a variety of fiat currencies.
Since Twispay is an authorized financial institution and also an integral member of global payment giants Visa and MasterCard, the accruing benefits from the acquisition of this magnitude can only be looked forward to with much excitement and gusto.
One benefit of this fusion between Elrond and Twispay is that the whole EEA (European Union, Iceland, Liechtenstein, and Norway) can now have access to the possibility of cheaper payments across both Fiat and cryptocurrency, thereby bridging the gap which had always existed.
Some other gains that this acquisition is expected to bring to the table include the emergence of new stablecoins, access to debits cards that have crypto functionality as well as other technologies such as Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs), and many more.
Speaking on the acquisition, a spokesperson for Elrond said that;
“The main goal is to leverage Twispay’s e-money license for issuing stablecoins that can be used in the EU, both for personal and business use for payments and value transfer.”
The Long Elrond Walk to Twispay Victory
After a series of negotiations with the National Bank of Romania which began in October 2021, Elronds’ unwavering stance finally found respite on March 8, 2022, when officials of the Bank acknowledged that “blockchain technology plays a fundamentally important role in the evolution of finance” and therefore gave the green light on the Twispay acquisition.
With escalating carbon emission from energy-intensive Proof-of-Work blockchain networks, Elrond which only recently acquired UTrust- a leading crypto payments service provider in January 2022 has however maintained its status as a “carbon negative” Blockchain network.
Acquisitions like this are not uncommon in the blockchain world, with Cake DeFi, an investment startup in the space floating a $100 million fund to make related investments in the space.