In the digital currency space, competition is fierce. There are thousands of cryptocurrencies fighting for the top spot. No one knows who’s going to win out in the end. For now, we are all sitting back and enjoying the race. Many are picking their favourite horses, hoping they’ve chosen a winner.
As a whole, the competition is great for the development of this ecosystem. It’s putting top tier developers head to head and pushing each team to innovate. Whether it’s improving scalability, reducing transactions fees and time or even releasing a completely new product, it’s fair to say that the results are a net positive for the space.
It does introduce a certain friction in terms of payment though. There are so many cryptocurrencies. Which ones should merchants accept? It’s hard to know. It’s normally not feasible to accept more than a few currencies as a merchant because you’ll have to deal with loads of wallets and a lot of extra work. Too much hassle.
Fortunately, Utrust is here with a solution – a blockchain payment platform that’s easy to integrate and allows merchants to accept multiple digital currencies as payment on their store with ease. Perhaps the best part is that if they want to, merchants can instantly settle their received payments into fiat, and Utrust just keeps increasing the fiat currencies they support.
As a general rule, Utrust exists to empower merchants to accept cryptocurrency with as little hassle as possible. They also want to make the process as smooth and open to cryptocurrency holders as possible. Thus, they are always expanding their platform to support more digital currencies as payment methods. The newest addition? Elrond (ERD).
Elrond x Utrust integration
This upcoming integration is mutually beneficial. For Elrond, their cryptocurrency is now part of the Utrust ecosystem. This makes ERD available to more than 4.7 million e-commerce websites in 180+ countries, who will be able to process ERD and instantly convert their payments to fiat with just a 1% flat fee, much lower than traditional payment processors. In effect, this is a new utility for ERD. It creates new opportunities for ERD to be adopted as a commonly used currency.
“Step by step, we are aiming to make the Elrond token usable anywhere in the world. We’re thrilled to work with the great Utrust team, and take another significant step forward to make ERD spendable at millions of online stores worldwide.” said Beniamin Mincu, Elrond CEO.
On the side of Utrust, their product offering improves by allowing a new set of cryptocurrency holders to spend their crypto at online stores. For them it’s important to support a wide variety of cryptocurrencies so holders aren’t restricted when they want to pay for goods and services with crypto. By expanding the number of accepted currencies Utrust also becomes a more attractive product for merchants, because it makes it that bit more likely that crypto enthusiasts will choose their store.
“Elrond and Utrust share a similar vision of abstracting away the complexity of blockchain and making a more user-friendly and efficient space. We’re happy to work with the business-minded team at Elrond Network to achieve that goal together.” said Nuno Correia, Utrust Chairman.
*This article has been sponsored. The Daily Chain encourages you to carry out your own research before you make any form of investment and educate yourself about how to stay safe in the crypto space.