Blockchain firm Elrond has secured the approval of the National Bank of Romania to acquire electronic money firm Capital Financial Services, which operates the Twispay brand.
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Elrond’s acquisition of Twispay is in a bid to make its mark as a bridge between traditional finance and the cryptocurrency industry and gives it a strategic position to offer infrastructure for payment solutions at a faster and cheaper rate.
An Elrond spokesperson said the transaction’s main purpose is to leverage Twispay’s e-money license for stablecoins which can be used for personal and business use for payments and value transfer in the European Union.
Elrond earlier unveiled plans to takeover Twispay in October 2021, which aims to be a key driver in the digitization of European finances and provide “carbon-neutral, fully decentralized, inexpensive, and near-instant” services.
The transactions will also bring about potential use cases such as stablecoins, crypto-enabled debit cards, and the benefits of decentralized finance, nonfungible tokens, and other Web3 technologies.