The acquisition of Twispay was approved by the National bank of Romania, enabling the network to issue regulated e-money across Europe.
Elrond network, which is a Layer 1 blockchain, has acquired Twispay, a Romanian payment firm in a deal on Thursday. The following agreement will enable Elrond to issue electronic money backed by the country’s national bank.
Elrond Network Acquires Payments Firm Twispay
Elrond Network, in its bid to offer better scalability and operations, has acquired a Romanian firm Twispay, which is a licensed financial company that provides e-money related services.
As per the press release, Twispay is a financial institution licensed to provide payment services and to issue electronic money by the legislation and with the authorization received from the National Bank of Romania. Moreover, Twispay is a principal member of Visa (for issuing Visa cards) and of MasterCard (for issuing and acquiring MasterCard cards).
With this acquisition, Elrond will be entitled to offer a sustainable infrastructure for a completely new payment rail which according to the press release will be much faster, cheaper, transparent, and open to people all around the world. The following acquisition will also enable the network to explore other “use-cases” within the infrastructure including stablecoins, crypto-enabled debit cards, as well as benefits of Defi, NFTs, and other Web3 technologies.
Speaking about Elrond’s acquisition of Twispay, the company’s CEO Benjamin Mincu stated:
“This landmark decision from the Romanian Central Bank opens the door for EU citizens, and soon for everyone everywhere, to significantly benefit from value flowing with near-instant settlement times, at 100x fewer costs, with full transparency, and higher reliability.”
The blockchain network in its press release further highlighted the importance of sustainable energy practices, stating that the said decision has arrived at a time when the EU parliament is seeking to limit the use of energy extensive proof-of-work blockchain protocols due to their negative impact on the climate.
Keeping the climate factor in mind, Elrond states that the network is “maintaining carbon-negative status by offsetting more CO2 than its already energy-efficient network is accountable for.”