With the approval of the Romanian Central Bank, Elrond Network (ELGD) completes its acquisition of Twispay, a leading payment service provider. This is a very strategic move for Elrond Network, as it will allow it to launch a plethora of new products within the European Economic Area.
Elrond Network completes its acquisition of Twispay
Last October, blockchain company Elrond (EGLD) revealed that it was in the process of acquiring Capital Financial Services S.A (which operates under the Twispay brand), a financial institution licensed by the National Bank of Romania to provide payment services.
Today, this announcement is taking shape, as the Romanian Central Bank has approved Elrond’s acquisition of Twispay.
Twispay provides an international payment solution that supports multiple currencies and payment methods.
In addition, Twispay is a core member of Visa (for card issuing) and Mastercard (for card issuing and acquiring).
This acquisition is far from insignificant for Elrond. Elrond has acquired all of the licenses obtained by Twispay, allowing it to operate throughout the European Economic Area (European Union, Iceland, Liechtenstein and Norway) as a payment processor.
Elrond’s ecosystem is set to welcome new products
In addition to the right to issue e-money, e-money institutions like Twispay are also entitled to provide payment services.
By acquiring Twispay, Elrond is therefore making a strategic shift to position itself as a bridge between traditional finance and the cryptocurrency industry. The acquisition also gives Elrond an additional capability to provide infrastructure for faster and cheaper payment solutions.
Elrond also plans to explore the creation of new products, again within the regulatory framework in the European Economic Area.
In particular, the team mentions stablecoins, crypto-cards, some decentralized finance solutions (DeFi), non-fungible tokens (NFTs) and anything related to Web 3.0 in general.
“This historic decision by the Romanian Central Bank opens the way for citizens of the European Union, and soon everyone across the globe, to significantly benefit from the circulation of value with near-instantaneous settlement times, at 100x lower costs, with full transparency and greater reliability,”said Beniamin Mincu, CEO of Elrond Network.
This latest high-profile acquisition for Elrond comes shortly after its purchase of Utrust, one of the market’s leading cryptocurrency payment solutions.