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Blockchain Unicorn Elrond To Acquire Capital Financial Services S.A, Owner of First e-Money License in Romania, Pending Approval Of Romania’s National Bank

by Mike Robinson

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Blockchain Unicorn Elrond To Acquire Capital Financial Services S.A, Owner of First e-Money License in Romania, Pending Approval Of Romania’s National Bank

Elrond Network in Europe, a startup that is developing innovative internet-scale blockchain technology has announced today its acquisition of Capital Financial Services S.A.

Being a principal member of Visa (NYSE:) and Mastercard (NYSE:), Capital Financial Services S.A.is offering payment processing services to more than 300 merchants, including companies such as Blue Air, Romania’s largest airline.

Elrond Network may be enabled to provide broader access and compliance to current regulations by transferring all Capital Financial Services S.A. shares. The company can offer customers, among other things, accounts with IBANs and associated debit cards as well as payments in e-money currencies.

As a digital option to cash, e-Money is able to automate financial transactions such as payment and ecommerce. Elrond Network aims to increase the utility and efficiency of this established and well-regulated value transfer system and bring it to its natural end by adding a fast, scaleable and affordable blockchain technology.

“Elrond’s goal is to create the infrastructure for a high bandwidth, low latency, transparent financial system, and give anyone anywhere easy access to it. In order to achieve this, we actively work with regulators and adhere strictly to the European laws. Merchants, users and money institutions would all benefit if money flows were possible with instant settlement times and at 100x lower cost than what they currently pay. This could also be achieved with more transparency and greater reliability. ” said Beniamin Mincu, Elrond Network CEO.
“By complementing the remarkable contribution of the Elrond blockchain, with the expertise of the Capital Financial Services S.A. team in regulated financial services and valuable EU licenses, we are creating the premises for an important evolution of financial services efficiency.” said (Augustin Dobre, CEO Twispay)
The last step necessary for the completion of Capital Financial Services S.A. acquisition by Elrond Network, is the approval of Romania’s National Bank. Elrond Network considers this a strategic step and will provide transparent updates about the progress of negotiations leading to finalization.

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