The National Bank of Romania has granted the go-ahead for a blockchain firm, Elrond, to buy a payment processing platform. Blockchain firm Elrond has been given the green light to acquire e-money institution Capital Financial Services, which trades as Twispay, according to a press release.
An international payment solution provided by Twispay supports several fiat currencies and various payment methods integrations. As a main member of Visa and Mastercard, the firm has the authority to issue cards and acquire merchants.
Payment services and electronic money may be provided by this firm in compliance with Romania’s National Bank of Romania’s permission, as well as the European Economic Area. For Elrond, the acquisition of Twispay provides an opportunity to become a link between conventional banking and the cryptocurrency business.
Elrond is now in a position to provide infrastructure for quicker and cheaper payment solutions as a result of the purchase. Stablecoins, crypto debit cards, and the advantages of DeFi, NFT, and other Web3 technologies, which will increase the confidence and efficiency of current financial institutions, are all examples of possible applications.
“The primary objective is to leverage Twispay’s e-money license to issue stablecoins that can be used in the EU, not only for personal and business use for payments and value transfer, but also potentially for official use at the institutional level,” a spokeswoman for Elrond said in a statement.
“This landmark decision by the Romanian Central Bank opens the door for EU citizens, and soon everyone everywhere, to significantly benefit from value flowing with near-instant settlement times, at 100 times less cost, with full transparency and enhanced reliability,” Elrond Founder and CEO Beniamin Mincu said.
At the beginning of October of the following year, Elrond revealed its intention to buy the e-wallet service. In January 2022, Elrond purchased Utrust, a major crypto-payment service provider. The latest acquisition announcement follows soon afterwards.
The latest acquisition, along with the recent acquisition of Utrust, aims to play a key role in the digitization of European finance and serve as “carbon negative, fully decentralized, low cost and near instantaneous railroads for a host of new financial services,” said a representative of the company.
