Elrond intends to acquire an e-money-licensed company in Romania

Elrond intends to acquire an e-money-licensed company in Romania

Although the official approval is still pending, the popular blockchain project Elrond Network has already approved the purchase of Capital Financial Services SA-the company that is licensed for the operation of an e-money institute (EMI) in the euro economic area.

The press release divided with cryptocolor said that Capital Financial Services SA is a major member of two of the largest global financial companies - Visa and MasterCard. This enables the company to offer over 300 dealers, including the largest Romanian transport aircraft - Blue Air, payment processing services. In order for the takeover to become official, the Romanian National Bank must give the green light. If this is the case, Elrond said that this would be a step of "strategic importance" for the blockchain project, since it would enable him to "continue to offer transparent updates about the development of the talks that led to the end of the transaction". In addition, the potential takeover would include the full transfer of the shares of Capital Financial Services to Elrond. The latter could thus receive broader access to financial services "with complete compliance with the applicable regulations". The company could also offer customer accounts with IBANs, associated debit cards and e-money payments. With the progressive digitization phase of the financial infrastructure, E -money is a practical alternative to cash that facilitates and increases transaction costs and speeds. Elrond aims to increase the "usefulness of this proven and regulated value transfer frame". Beniamin Mincu, CEO of Elrond Network, said that his team is already working with the regulatory authorities to ensure that they "work in accordance with the framework within the framework defined by European law".

"Users, dealers, companies and financial institutions could benefit significantly if money flows with almost immediate resolution times, 100 times lower costs than we now pay, would take place with full transparency and higher reliability." - He added.

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