Elrond Network, the internet-scale blockchain acquires Capital Financial Services S.A which operated under Twispay. This firm has the license to operate on Electronic Money Institution (EMI) in the European economic area.
Significantly, this accession provides the overall transfer of Capital Financial Services S.A. shares and it allows Elrond to provide access broadly as it comply with current regulations. Besides, this would allow the company to provide other features to the customers. For example, they can provide customers with IBAN accounts, linked debit cards and even payments in e-money currencies.
Capital Financial Services S.A. provides online payment services to 300 merchants including Blue Air, Romania’s airline, as it is the principal member of Visa and Mastercard. This payment processing service provides an additive feature as e-money where merchants can make payments in e-money currencies.
E-money was created as an digital alternative for money to do automated transactions in payments and ecommerce. On the other hand, Elrond Network aims to expand the functionality of this tried-and-true value transfer framework. The firm wants to combine it with fast, scalable, and low-cost blockchain technology.
According to the CEO of Elrond Network, Beniamin Mincu, the goal of Elrond network is to provide easy access to anyone anywhere. The platform focuses on building an infrastructure for high bandwidth, low latency, and transparent financial services. He also added:
“To accomplish this, we are proactively collaborating with regulators to operate in a fully compliant manner within the boundaries set by European law. Users, merchants, businesses, and financial institutions would all benefit greatly if money flows occurred with near-instant settling times, at 100x less cost than we currently pay, with complete transparency, and improved reliability.”
Moreover, CEO of Twispay, Augustin Dobre says that they are preparing the groundwork for the significant range in financial services efficiency. It would be achieved by the contribution of Elrond network with the expertise of the Capital Financial Services S.A. team in regulated financial services and EU licenses.
The approval of Romania’s National Bank is the final step in the acquisition of Capital Financial Services S.A. by Elrond Network. This is a pivotal move for Elrond Network, where the firm will update on the process that leads to the transaction’s completion.
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