Elrond has acquired Capital Financial Services S.A., a payment processor and registered Electronic Money Institution.
Operating under the brand name Twispay, the company is a principal member of Visa and Mastercard and offers payment processing services to more than 300 merchants, including companies such as Blue Air, Romania’s largest airline.
“By complementing the remarkable contribution of the Elrond blockchain, with the expertise of the Capital Financial Services S.A. team in regulated financial services and valuable EU licenses, we are creating the premises for an important evolution of financial services efficiency.” — Augustin Dobre, Twispay CEO.
The acquisition includes the full transfer of Capital Financial Services S.A. shares and licenses, which could enable Elrond Network to facilitate broader access to financial services in full compliance with current regulation. Thus, the company could offer its customers, for instance, accounts with IBANs, associated debit cards, and payments with e-money currencies.
“Elrond’s goal is to create the infrastructure for a high bandwidth, low latency, transparent financial system, and give anyone anywhere easy access to it. To achieve this we are proactively working with regulators to operate in a fully compliant manner within the perimeter defined by European law. Users, merchants, companies and money institutions could benefit significantly if money flows would happen with near-instant settlement times, at 100x less cost than we pay now, with full transparency, and higher reliability.” — Beniamin Mincu, Elrond Network CEO.
The last step necessary for the completion of Capital Financial Services S.A. acquisition by Elrond Network, is the approval of the National Bank of Romania. This is a step of strategic importance for Elrond Network, and we will continue to offer transparent updates on the evolution of the talks leading up to the finalization of the transaction.
ABOUT Elrond Network
Elrond is a high-throughput public blockchain aimed at providing security, efficiency, scalability and interoperability, beyond the current state-of-the-art. The two most important features that set Elrond apart are Adaptive State Sharding and the Secure Proof of Stake consensus mechanism.