Home News Romanian central bank approves blockchain firm Elrond to buy Twispay

Romanian central bank approves blockchain firm Elrond to buy Twispay

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The National Bank of Romania has approved a blockchain transaction, allowing blockchain firm Elrond to purchase a payment processing platform.

According to an announcement made on Thursday, Elrond, a blockchain startup focused on distributed applications, has acquired approval to purchase the electronic money institution Capital Financial Services, which operates under the brand Twispay.

Twispay is a global payment solution that accepts several fiat currencies and integrates multiple payment modalities. The company is a main member of Visa and Mastercard, which means it can issue cards directly and acquire merchants.

The company is also authorised by the National Bank of Romania to provide payment services and issue electronic money. Allowing it to operate throughout the European Economic Area.

Elrond is establishing itself as a bridge between traditional finance and the cryptocurrency business by purchasing Twispay. Elrond will also be able to provide an infrastructure for faster and less expensive payment solutions. As a result of the acquisition.

New stablecoins, crypto-enabled debit cards, and the benefits of DeFi, NFTs, and other Web3 technologies that will improve the trust and efficiency of existing financial institutions are all viable use cases. One of the most important goals of Elrond’s latest purchase, according to a spokeswoman, is the issuance of stablecoins.

“The main purpose is to use Twispay’s e-money licence to issue stablecoins. That can be used in the EU for payments and value transfer, both for personal and corporate usage. As well as potentially for official use at the institutional level.”

Historic decision

“The Romanian Central Bank’s historic decision opens the door for EU nationals, and soon for everyone globally”. Elrond founder and CEO Beniamin Mincu stated, “In order to greatly profit from value flowing with near-instant settlement times, at 100x fewer expenses. With full transparency, and improved reliability.”

In October 2021, Elrond first declared its intention to purchase the e-money service. Elrond purchased Utrust, a leading crypto payments service provider, in January 2022, and this latest acquisition comes soon after.

The company’s representative explained that the latest acquisition, along with the recent Utrust acquisition, aims to play a key role in the digitization of European finances. By serving as the “carbon-negative, fully decentralised, inexpensive, and near-instant rails for a wealth of new financial services.”

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