BUCHAREST: Romanian blockchain startup Elrond is preparing for its new global payment app to support Bitcoin this month as it looks to compete with more established rivals PayPal or Revolut, the CEO said as there was growing interest in it Uses cryptocurrencies.
Led by a sharp surge in Bitcoin, digital asset markets surged to over $ 1 trillion in early 2021 as large money managers and corporations take the sector seriously.
“This is turning what once looked like a Mexican stalemate where potential investors waited on the sidelines into an arms race,” Elrond founder Beniamin Mincu told Reuters.
Elrond has developed a new blockchain technology that can process more than 15,000 transactions per second, compared to 7 and 14 transactions per second for Bitcoin and Ethereum, the world’s two leading cryptocurrencies, respectively.
The Maiar app for digital wallets and global payments, launched on January 31, has raised Elrond’s market valuation to $ 4.3 billion, according to CoinMarketCap, a price tracker, and is seen as a simple smartphone gateway to blockchain technology for the broader public Publicity.
While the app currently supports Elrond Gold (eGLD), its native cryptocurrency, as well as Binance and Ethereum, Mincu will support Bitcoin in two to four weeks.
The company plans to roll out a card that connects cryptocurrencies and the traditional economy in three to six months.
Over time, the app could process title deeds as well as other non-fungible assets. Elrond plans to hold a new round of funding in 6-12 months to increase the number of users, Mincu said.
“While it started in the native digital realm, it will expand,” said Mincu.
“Maiar is the easiest app for people who want to interact with blockchain technology and it can pave the way for building the infrastructure for a new transparent financial system with high bandwidth and very low latency.”
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