Crypto company “Elrond” acquires financial payments company “Twispay”…Details here

Crypto company “Elrond” acquires financial payments company “Twispay”…Details here

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Answer Crypto company “Elrond” acquires financial payments company “Twispay”…Details here

Crypto company Elrond Network has received the green light from the Romanian National Bank to acquire digital financial payments company Twispay.

By acquiring Twispay, Elrond plans to issue stablecoins in the European Union (EU).

According to the official press release, Elrond aims to replenish electronic money or digital currencies and integrate it with blockchain technology.

With Twispay operating in the European Union, Elrond will be able to operate within the entire European Economic Area of ​​the European Union.

The announcement also revealed that Twispay is a major member of “Visa” and “MasterCard”.

On the acquisition, Benjamin Minko of Elrond Network commented:

This historic decision from the Romanian Central Bank opens the door for EU citizens, and soon everyone everywhere, to benefit massively from the value-in-stream with near-instant settlement times, at 100 times lower costs, with complete transparency and higher reliability.

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In addition to issuing electronic money, the team will also be able to provide electronic payment services.

Under the European Commission’s proposed European regulation on cryptocurrency markets, the Elrond blockchain platform is also entitled to issue stablecoins that can be offered to the public in the EU region in a legal and compliant manner.

Besides the new stablecoins, Elrond explained that other important use cases will also be explored such as:

Crypto-enabled debit cards, as well as the benefits of decentralized finance (DeFi), non-fungible tokens (NFT), and other Web3 technologies within the applicable regulatory framework.

Elrond had announced its intention to acquire Twispay, a digital financial payments company, in October of last year.

Meanwhile, Elrond Network CEO Minko stated that the team behind the platform is working closely with regulators to ensure that they operate in a fully compliant manner within the perimeter defined by European law.

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