Elrond Absorbs Payment Platform Utrust to Address Web3 Payments

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by Tolu Ajiboye · 3 min read
Elrond Absorbs Payment Platform Utrust to Address Web3 Payments
Photo: Depositphotos

Internet-scale blockchain Elrond Network (EGLD) recently announced a new partnership with Utrust to facilitate crypto payments.

The Elrond Network ($EGLD) says it is collaborating with Portugal-based payments start-up Utrust ($UTK) to take on Web3 payments. Both platforms published a joint press release, describing the partnership as a “union” between both parties. In addition, according to the same press statement, Elrond and Utrust will be merging their resources in a bid to address the future of Web3 technology.

Utrust, which was essentially acquired by Elrond, a little over a week into the new year, believes it is in capable hands. In addition, the Portuguese firm also stated that the merger with Elrond facilitates its agenda to cater to all. Utrust says this is now possible by negating a reliance on the gatekeepers of traditional institutions. Furthermore, it also gives individuals more control over their own personal financial affairs. Speaking on the benefits of partnering with Elrond, a Utrust statement read:

“With Elrond, we will enhance our tech capabilities, deliver faster and better. We will be stronger (yes, even stronger!) and have resources that quite simply weren’t within our reach before. The Elrond team is extremely powerful, and they have the exact same mindset we have: all about delivering.”

Web3 Payment Scheme Is Garnering Growing Interest

Since the Elrond acquisition of Utrust, as many as 400 businesses have already joined a waiting list of Web3 merchants. Furthermore, five out of this large pool are already live, with several others in various registration phases. This is as a result of the full Utrust integration with $EGLD. The integration allows more than 10,000 businesses to accept EGLD payments, settled in fiat via Utrust.

Utrust’s chief executive officer Sanja Kon believes that this development fast tracks DeFi payment implementation. Furthermore, it also potentially transforms payments from a cost into a revenue stream for merchants.

Autoworld, One of the First to Embrace Elrond (EGLD) Payments with Utrust Integration

Autoworld has started accepting direct EGLD payments for its products and integrated Utrust. According to the European car dealer, this move now facilitates a more convenient and efficient payment process for both buyers and sellers. According to Autoworld’s sales manager Roger Patrasc:

“A lot of our customers prefer EGLD payments because it is more convenient and inexpensive for them, so we made a lot of sales that way. By integrating Utrust, we can now accept EGLD in a manner that is more convenient also for us, as the invoicing and bookkeeping no longer need a special process.”

Autoworld also added EGLD pricing for its cars sold through the Carcloud platform as a further commitment to Web3 payments. This gesture offers added convenience to how prospective buyers can shop for cars – using their stake rewards or DeFi yields.

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Tolu Ajiboye
Author Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

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