3 million users of the Crypto.com platform will now be able to purchase ERD. The Crypto.com app allows converting crypto to fiat easily, with the cash balance then loaded onto their Visa card.
Another day, another Elrond integration. This time the blockchain’s native asset ERD has been added to the Crypto.com platform, where it can be purchased with fiat and swapped for other cryptocurrencies. The listing on Crypto.com extends ERD’s fiat connections, which were already given a helping hand this week by Swipe, whose mobile wallet and Visa card also added support for the token. Crypto.com’s decision to add ERD is an even bigger deal, given that the platform boasts six times as many users as Swipe.
3 million users will now be able to purchase ERD. Just as importantly, they’ll be able to cash out ERD when they need to spend funds in store or withdraw from an ATM. The Crypto.com app allows users to convert cryptocurrency to fiat easily, with the cash balance then loaded onto their Visa card. Crypto.com’s MCO card is one of the most popular crypto debit cards in the world, along with Revolut and Wirex.
Convenience Is the Key
In a blog post announcing the Crypto.com listing, Elrond CEO Beniamin Mincu stated that “Convenience is the key that will lead to unprecedented growth for the Elrond ecosystem,” before emphasizing the benefits of the wallet’s users being able to acquire, exchange, and transfer ERD in more than 100 global markets.
The deal arrives just a week before Elrond’s mainnet launches, bringing its vision of a high speed blockchain economy to a global audience. Elrond promises to deliver a 1,000x improvement in blockchain speed, scale, cost and user experience, and the results of its testnet program look promising, particularly in terms of TPS.
An incentivized testnet provided a chance to stress test Elrond’s network, which performed admirably, and for validators to get familiar with the staking process. A week from now they’ll get to do it all over again, but this time in a live environment. Elrond claims it will operate the largest PoS network upon launch, with over 2,100 nodes.
We just reached the strongest infrastructure support for a mainnet launch!
The 16th official $ERD staking partner Stateless Money completes our genesis line-up of professional operators that will launch the largest PoS network on day 1: 2,169 nodes.https://t.co/zOU3D2PMOC
— MultiversX (@MultiversX) July 20, 2020
Elrond Faces the Fight of Its Life
The launch of Elrond’s mainnet won’t signal the end of a journey, but rather the beginning of a new challenge: convincing developers to build on its blockchain and users to interact with it. While the technical specs of the high throughput network are impressive, it will be imperative to grow a sizable and diverse community that will enable Elrond to power an equally diverse ecosystem of dApps.
For now, Ethereum’s network effects remain unrivaled among smart contract blockchains, but rising fees and blockchain congestion have made the case for building on other chains that can take the strain. Now the onus is on projects like Elrond to show that they can present a viable alternative for launching decentralized applications and interacting with the cryptoconomy.
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