SIBIU, ROMANIA / ACCESSWIRE / October 12, 2021 / Elrond Network, the European startup developing breakthrough internet-wide blockchain technology, today announced the acquisition of Capital Financial Services SA (operated under the Twispay brand), a company licensed to operate a banking institution. electronic money (EMI) in the European Economic Area.
As a main member of Visa and Mastercard, Capital Financial Services SA offers payment processing services to more than 300 merchants, including companies such as Blue Air, the largest airline in Romania.
The acquisition includes the full transfer of the shares of Capital Financial Services SA, which could allow Elrond Network to facilitate wider access to financial services in full compliance with applicable regulations. So the company could offer, for example, customer accounts with IBANs, associated debit cards and e-money payments.
Electronic money was conceived as a digital alternative to cash to automate financial transactions in areas such as payments and e-commerce. Elrond Network seeks to enhance the utility of this proven and regulated value transfer framework and bring it to its natural conclusion by complementing it with blockchain technology that is fast, scalable and inexpensive.
“Elrond’s goal is to build the infrastructure for a transparent, high bandwidth, low latency financial system and make it easy for anyone to access. To achieve this, we work proactively with regulators to operate in a fully compliant manner within the perimeter defined by European law. Users, traders, businesses and monetary institutions could benefit significantly if money flows occur with near instant settlement times, at a cost 100 times lower than we are currently paying, with full transparency and higher reliability. ” noted Beniamin Mincu, CEO of Elrond Network.
“By complementing the remarkable contribution of the Elrond blockchain, with the expertise of the Capital Financial Services SA team in regulated financial services and valuable EU licenses, we are creating the premises for an important evolution of the efficiency of financial services. “ noted (Augustin Dobre, CEO of Twispay)
The final step necessary for the finalization of the acquisition of Capital Financial Services SA by Elrond Network is the approval of the National Bank of Romania. This is a strategically important milestone for Elrond Network, and the company will continue to provide transparent updates on the progress of talks leading to the closing of the transaction.
THE SOURCE: Elrond
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