TL;DR Breakdown
- A payment processor and a registered Electronic Money Institution, Capital Financial Services S.A. Twispay, has been acquired by Elrond.
- The acquisition will involve the sale of Capital Financial Services S.A. shares, which may be utilized by the Elrond Network to provide greater financial services access in a fully legal manner.
The Romanian Central Bank has given the go-ahead for Twispay to be acquired by Elrond, a move that will have far-reaching implications for digital finance in Europe. The two companies have been working closely together for some time, and the acquisition will allow Twispay to take its place as a leading player in the European payments market. Elrond, a blockchain company specializing in distributed apps, was permitted to acquire the electronic money business Capital Financial Services, which operates under the brand Twispay.
The move is also seen as a vote of confidence in the Romanian economy, which has been recovering steadily since the global financial crisis. Elrond is buying Twispay for the purpose of establishing itself as a link between conventional finance and the cryptocurrency world. The acquisition places Elrond in a good position to provide a payment infrastructure that is both faster and less expensive.
The key role of Twispay towards Elrond
Twispay is a leading provider of digital payments solutions in Europe, with over 100 million transactions processed each year. The company has a strong track record of innovation and has been at the forefront of driving the adoption of new technologies such as mobile payments and contactless payments. In accordance with the law, Twispay is a financial firm permitted to supply payment services and create electronic money in line with it. Twispay is a member of Visa (for issuing Visa cards) and MasterCard (for issuing and acquiring MasterCard cards).
Elrond is a leading provider of blockchain-based financial solutions, with over 1,000 customers in more than 120 countries. The company has developed a range of products and services that allow businesses to harness the power of blockchain technology. Elrond, a blockchain development firm that is working to bring the next billion people onto Web3 and the Metaverse through internet-scale blockchain technology, has revealed its significant backing of Itheum, a Web3 data brokerage platform set to debut on Elrond’s strategic launch platform, the Maiar Launchpad.
Elrond is a brand-new blockchain platform that aims to provide a 1000-fold increase in throughput and execution speed over existing platforms. Elrond’s mainnet was launched two years ago after a thorough stress testing of the testnet, which was distributed across 1,500 nodes spread across 29 countries and 50 shards.
The services will be used to support the Global Village Construction Set, which has a target of processing 10,000 transactions per second (TPS), with a latency of 5 seconds and minimal cost. The acquisition will give Elrond a strong position in the European payments market and will allow it to provide its customers with a comprehensive range of digital finance solutions. Other conceivable applications include new stablecoins, crypto-enabled debit cards, as well as the advantages of DeFi, NFTs, and other Web3 technologies to help improve trust and efficiency in current financial systems.
