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Elrond Network (EGLD) recently announced its newly-established collaboration with Utrust (UTK), a payments company based in Portugal. The goal of the partnership is to introduce the so-called Web3 payments. The platfEGLDorms are collaborating quite closely on achieving the goal, according to their joint press release, in which they described the partnership as a union between the two companies.
Interestingly, the two also appear to be planning to merge their resources in order to address their Web3 technology. Utrust also announced on Twitter that the companies’ union and work on developing Web3 tech will lead to it becoming “bigger, faster, and better than ever before.”
Today, a new era begins for #crypto payments. We are going bigger, faster, and better than ever before.
— Utrust (@UTRUST) January 11, 2022
The new arrangement shows that Elrond has essentially acquired Utrust, which allegedly happened a little over a week after the new year had started. However, Utrust seems to have full confidence in Elrond’s leadership and believes that it is in capable hands. The merger with Elrond will certainly allow Utrust to further its goals of catering to everyone.
Partnering with Elrond means that Utrust no longer has to rely on traditional institutions, which were acting as gatekeepers. On top of that, it will allow individual users more control over their own finances, how they use them, manage them, and more. Partnering with Elrond will also enhance Utrust’s tech capabilities, and make the company’s delivery faster, stronger, and better overall, simply thanks to the fact that the firm will have access to new resources that were not within its reach before.
In other words, while Elrond shares the same mindset as Utrust, it is a lot more powerful project, so Utrust can only benefit from partnering with Elrond.
Benefits of the partnership
Utrust is not the only one that will benefit from the partnership. It appears that the two companies’ Web3 payment scheme is attracting a great amount of interest. While it has been less than two weeks since the two teamed up, over 400 businesses have already joined their waiting list, seeking to become Web3 merchants.
The two have also already launched five large pools, while several others are on their way, currently in various stages of registration and preparation. This was possible thanks to Utrust’s full integration with $EGLD, which allows over 10,000 businesses to accept the payments made in this token, which Utrust will settle in fiat. Utrust’s CEO, Sanja Kon, believes that this change will fast track DeFi payment implementation and that it might completely transform payments from a cost into a revenue stream for participants.
One of the first out of many companies and merchants that have accepted direct EGLD payments so far was Autoworld. The company — a well-known European car dealer — now allows customers to make far more convenient and efficient payment processes for buyers and sellers alike.
The company’s sales manager, Roger Patrasc, stated that a lot of the company’s customers prefer to use EGLD payments, as they are cheaper and more convenient. So, the company decided to make it possible to pay with the token. It did so by integrating Utrust, which now allows it to accept EGLD in a manner that is more convenient for the company itself, as well as its users. Now, its platform also shows EGLD pricing for its cars.
To learn more about this token visit our Investing in Elrond guide.
Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.