Why is Elrond (EGLD) crypto gaining attention?

Highlights

• On Thursday, the National Bank of Romania approved the purchase of e-money firm Twispay by blockchain company Elrond Network.
• Elrond's (EGLD) 24-hour trading volume soared 18.69% at 6:44 am ET.
• After the acquisition, Elrond can offer e-money services across the European Union and issue stablecoin and crypto-enabled debit cards to users.

In a major boost for the crypto company Elrond Network (EGLD), Romania's central bank has approved its acquisition of e-money firm Twispay, accelerating its expansion in Europe.

The EGLD token's trading volume soared more than 18% to about US$261.7 million in the trailing 24 hours to Thursday morning on the positive news.

The Elrond Network can now offer e-money services across the European Union and issue stablecoin and crypto-enabled debit cards to users.

Acquisition details

The National Bank of Romania's authorization comes amid demand for cryptocurrencies in war-torn Ukraine, where the conventional financial services were severely affected, and people were relying on crypto donations for help.

Elrond has not disclosed the financial details of the acquisition as yet but said the permission to issue stablecoins and e-money services would immensely benefit the blockchain company.

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Now people can make payments using Elrond’s e-money or electronic money, which are equivalent to the fiat currency in digital form across the EU, Norway, Iceland, and Liechtenstein.

The permission obligates the company to uphold the EU rules under its Markets in Crypto-Asset Regulations (MiCA), according to coindesk.com.

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Elrond said it would bridge the gap between traditional finance and cryptocurrency while providing faster payment solutions at a fraction of the cost. The company could also issue crypto debit cards, NFTs, and other Web3 benefits to users following the license.

In January 2022, Elrond acquired another crypto payment services company, Utrust, as part of its expansion. 

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                                                         Data Source: coinmarketcap.com

What Is Elrond (EGLD)?

Elrond Network is a layer 1 blockchain protocol that offers fast transaction and scalability. Its smart contract platform can process 15,000 transactions per second (TPS) with six-second latency and US$0.001 transaction cost.

Its native token, EGLD, is also called eGold. It is used for network fee payments and rewards. The token was down 2.17% to US$140.25 at 6:44 am ET on Thursday.

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What is Twispay?

Twispay provides international payment solutions in various fiat currencies through multiple payment methods. As a principal member of Visa and Mastercard, the e-money company can directly issue cards and acquire merchants. 

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Price and performance:

Elrond’s mainnet went live in 2020. Its current market capitalization is US$3.04 billion.

EGLD’s circulating supply is 21,623,307.57 EGLD, and the maximum supply is 31,415,926.

The token is available for purchase on Binance, FTX, Bybit, OKX, and Bitget.

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Bottomline

The Crypto market is volatile and prone to online fraud. Hence, investors should exercise due diligence before investing in the crypto market. 

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