Elrond’s EGLD token is now available to over 20 million people in over 30 countries through this new partnership. The protocol recently partnered with Revolut, a banking powerhouse. It allows anyone in the world to participate in a borderless Internet economy. The protocol was designed to be the backbone of such a system.
The ultra-rapid development of Revolut accentuated by this partnership
Elrond’s native token, EGLD, is now available to over 20 million people in over 30 countries through this new partnership. Revolut’s recent partnership with Elrond drew praise following the announcement. The partnership gave Revolut its $33 billion valuation and made it the fastest growing tech company in Europe according to Elrond.
Revolut’s acquisition of major e-money, banking and cryptocurrency licenses allowed them to expand rapidly into new markets.
Elrond’s vision is to provide everyone on the planet with equal access to all kinds of value. Revolut listing EGLD will allow a wider audience to experience the frictionless payments that are essential to Elrond’s vision. It will also give Revolut customers access to a token that powers and facilitates frictionless transfers of any type of value, anywhere in the world.
Revolut has attracted new investors by providing services to over 20 million customers in 36 countries. It also makes the company a good point of reference for anyone looking to buy and sell digital assets. Revolut sits at the intersection of traditional financial infrastructures and the Web3, this allows them to facilitate exchanges between the two groups of people.
Revolut started out as a currency exchange platform, but has since expanded to offer other services. These include instant peer-to-peer payments, payday loans, budget controls, and FDIC insurance. Revolut was launched in 2015 and has since grown tremendously.
Over $800 million in funding has been raised by Revolut since 2015. On top of that, the company has 23 offices and 5,000 employees. Since its inception, Revolut has processed over a billion transactions worth over $130 billion.
Elrond: a disruptive blockchain
Elrond is a blockchain designed for high-speed internet-scale transactions. Elrond aims to provide a 1000x increase in speed and current throughput. Elrond uses a new state partitioning mechanism and a secure PoS consensus method that scales linearly and quickly.
“The most innovative and disruptive fintech startups gravitate around crypto, bringing with them unique talent pools and fully engaged communities. When you add to that a vision that transcends its own product and industry, you get a game changer. Elrond is such a project. That is why we are delighted to be able to bring EGLD to Revolut customers and help them realize their vision of an inclusive global financial system,” said Beniamin Mincu, CEO of Elrond Network.
The bearish run of the EGLD coin led it to reach a floor price. As a result, the price of EGLD has declined significantly after hitting an all-time high of $540 in November 2021. This morning, the coin is trading around $50.
Elrond’s EGLD token is used as a currency to make payments on the internet. It is also used in DeFi, Web3 and the Metaverse. Anyone looking to make payments in these places has no hesitation in using EGLD.
The Elrond blockchain was launched in July 2020. It claims the second largest proof-of-stake system, Ethereum is the largest. If the Ethereum merger at the end of September is successful, it will become even bigger than Elrond. However, Elrond is already considered one of the largest PoS blockchains in the world due to its 3200 validators in four different corners of the planet. These validators reduce the energy consumption of the blockchain and make it more efficient.
According to Fintech Finance News, Elrond can handle 15,000 transactions per second. Meanwhile, the Bitcoin network only performs 7 transactions per second.
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Elrond and Revolut: a winning partnership?
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