Elrond (EGLD/USD) Network, a blockchain unicorn and European startup working on cutting edge internet-scale blockchain technology, has acquired Capital Financial Services S.A., which has a license to operate an e-money institution in the EEA, Invezz learned from a press release. Capital Financial Services S.A. is operated under the Twispay brand.
Capital Financial Services S.A. processes payments for hundreds of merchants
As a principal member of Visa and Mastercard, Capital Financial Services offers more than 300 establishments payment processing services. These include the biggest airline in Romania, Blue Air.
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Following the acquisition, Elrond holds all Capital Financial Services S.A. shares. This will make it possible for Elrond Network to provide broader access to financial services such as accounts with IBANs, associated debit cards, and e-money payments.
Beniamin Mincu, Elrond Network CEO, explained his company’s target:
Elrond’s goal is to create the infrastructure for a high bandwidth, low latency, transparent financial system, and give anyone anywhere easy access to it. To achieve this, we are proactively working with regulators to operate in a fully compliant manner within the perimeter defined by European law. Users, merchants, companies and money institutions could benefit significantly if money flows would happen with near-instant settlement times, at 100x less cost than we pay now, with full transparency, and higher reliability.
Augustin Dobre, CEO of Twispay, added:
By complementing the remarkable contribution of the Elrond blockchain, with the expertise of the Capital Financial Services S.A. team in regulated financial services and valuable EU licenses, we are creating the premises for an important evolution of financial services efficiency.
E-money is a digital alternative to cash for automating transactions in ecommerce, payments, and related areas. Elrond Network aims to improve the capacity of this value transfer framework by augmenting it through affordable, scalable, and fast blockchain technology.
Awaiting central bank approval
To complete the acquisition, Elrond and Capital Financial Services S.A. are waiting for endorsement from the Romanian National Bank. This is a strategically important step for Elrond Network, who will be providing transparent updates on negotiations leading up to finalization of the deal.
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