Romania’s central bank approved Elrond’s (EGLD/USD) acquisition of Capital Financial Services S.A., which operates under the Twispay brand, Invezz learned from a press release.

Twispay is a financial institution that provides payment services and issues electronic money with the central bank’s permission. They are also a Visa member issuing Visa cards and a MasterCard member issuing and acquiring MasterCard cards.

When Elrond publicized an intention to acquire Twispay in October last year, they made the strategic first move to bridge traditional finance and the crypto space. Twispay is allowed to operate within the entire EEA, including the EU, Iceland, and Norway.

Since then, Elrond and Twispay have held talks with the National Bank of Romania, supported by financial and tax consultancy from Deloitte. Beniamin Mincu, CEO of Elrond Network commented:

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.

As the European Parliament actively tries to limit the use of energy intensive Proof of Work blockchain networks due to their climate impact, Elrond offsets more CO2 than its energy efficient network is accountable for.

E-money institutions can provide payments services under the second Payment Services Directive (PSD2). The EC’s proposed European regulation on crypto markets will allow licensed e-money institutions to issue stablecoins, which EU residents can access or trade on the respective platforms.

Elrond is in a strategic position to provide sustainable infrastructure for new payment rails that is more cost-effective, faster, transparent, and open to people across the globe. The network will explore many other important use cases, such as crypto enabled payment cards and new stablecoins.

It will also look at the benefits of NFTs, DeFi, and Web3 technologies to enhance the efficiency and trust for current financial systems.

The post Elrond acquires Capital Financial Services S.A, member of Twispay appeared first on Invezz.

128 +