Elrond platform bought payment service Uturst to create a payment system with DeFi capabilities. The new platform will be called Merchant Yield.
The main goal of the merger of the two companies is to reduce or completely eliminate the commission for merchants in payment systems using Web 3 technologies. Elrond Network CEO Beniamin Minku is confident that the current system, which charges merchants a commission of 3-11% per transaction, can be turned into generating income.
“An improved, fast and low-cost payment system is a huge step forward,” Beniamin Minku is convinced.
Beta testing of the Merchant Yield app should begin no later than mid-2022. Elrond and Uturst plan to make the new system as user-friendly and understandable as possible for merchants.
The Portuguese company Utrust specializes in cryptocurrency payments. Elrond is a European blockchain platform, the creators of which claim that it is capable of processing about 100 thousand transactions per second.
Elrond and Uturst are issuing their own tokens. Representatives of the companies promise to inform the token holders in the first quarter of the year which of the two companies will become their main holder.
Utrust currently processes payments in BTC, ETH, DASH and USDT. CEO Sanya Kon that sellers are more and more inclined to settle in cryptocurrencies and are ready to invest in the blockchain. For sellers, this is a good way to diversify their wallet and contribute to the development of the system, insists the CEO.
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