Romania’s central bank approved blockchain company Elrond to purchase Twispay’s e-money license and issue stablecoins which can be used in the European Union as the main goal, so let’s find out more in today’s latest blockchain news.
Romania’s Central bank gave a green light for the acquisition by Elrond to Twispay and authorized the blockchain company to acquire the payment processing platform. Elrond is a blockcahin company focused on distributed applications that got the approval to purchase the e-money institution Capital Financial Services which acts under the Twispay brand as per the announcement on Thursday.
Twisppay provides an international payment solution and supports multiple fiat currencies while also integrating various payment methods. The company is a member of Visa and Mastercard which means it will directly participate in issuing cards and can acquire merchants. The company Is licensed to provide services and to issue e-money in accordance with the authorization from Romania’s central bank so it can also operate in the European Union.
By acquiring Twispay, Elrond is making a strategic move to establish a bridge between traditional finance and the crypto industry. This acquisition puts Elrond in a strategic position to offer an infrastructure for cheaper and faster payments. Other potential use cases include crypto-enabled debit cards, new stablecoins, and DEFI benefits which can enhance the trust and efficiency of existing financial systems. An Elrond spokesperson stated:
“The main goal is to leverage Twispay’s e-money license for issuing stablecoins that can be used in the EU, both for personal and business use for payments and value transfer, as well as potentially for official use at institutional level.”
Elrond’s Founder and CEO Beniamin Mincu said:
“This landmark decision from the Romanian Central Bank opens the door for EU citizens, and soon for everyone everywhere, to significantly benefit from value flowing with near-instant settlement times, at 100x fewer costs, with full transparency, and higher reliability.”
Elrond announced plans to acquire the e-money service back in 2021 and the latest acquisition news came aright after Elrond acquired Utrust which is a major crypto payments service provider at the start of 2022. the latest acquisition with the Utrust acquisition aims to play a key role in the digitization of EU finances and serve as a carbon-negative and inexpensive way for new financial services.