Elrond Network Acquires Payments Firm Twispay, Wins E-Money License

Elrond said the approval to issue regulated e-money across Europe was granted by the National Bank of Romania.

AccessTimeIconMar 10, 2022 at 10:00 a.m. UTC
Updated May 11, 2023 at 4:01 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Elrond Network, a layer 1 blockchain with scalability in mind, has acquired Romanian payments firm Twispay, and with it the approval to issue electronic money by the country’s central bank, the National Bank of Romania.

Elrond, which recently acquired payments gateway Utrust, did not disclose the financial details of the acquisition, but the blockchain’s CEO, Beniamin Mincu, called it a “landmark decision” on the part of a European central bank.

  • What's the Biggest Misconception People Have About Bitcoin Mining?
    00:39
    What's the Biggest Misconception People Have About Bitcoin Mining?
  • Is Crypto at the 'Mercy' of Fed Rates and Macro Conditions Now?
    08:53
    Is Crypto at the 'Mercy' of Fed Rates and Macro Conditions Now?
  • Traders Bet on Ether's Drop; Sen. Lummis, Gillibrand Take on Stablecoin Legislation, Again
    01:47
    Traders Bet on Ether's Drop; Sen. Lummis, Gillibrand Take on Stablecoin Legislation, Again
  • Crypto Fee War Intensifies in South Korea
    01:02
    Crypto Fee War Intensifies in South Korea
  • “This shows that central banks may be switching from a counterpoint to the crypto space, toward a more neutral or even potentially favorable point,” Mincu said in an interview with CoinDesk.

    A representative of the National Bank of Romania confirmed via email that Elrond had received approval for acquiring a license for e-money.

    Electronic money, or e-money, is broadly defined as an electronic store of monetary value used for making payments to entities other than the e-money issuer. As a standardized means of payment, it has been around for over a decade, enshrined in European Union directives and regulated by central banks.

    Under European Union passport rules, the license will allow Elrond to operate e-money services across the EU, Iceland, Liechtenstein and Norway.

    Interestingly, the EU Commission’s proposed Markets in Crypto-Assets Regulation (MiCA) stipulates that licensed e-money institutions will be entitled to issue stablecoins, Mincu pointed out.

    “We’ve been having focused conversations with the Romanian Central Bank about acquiring an e-money licensed institution that enables us to create stablecoins, for instance, in a legal and compliant way,” Mincu said.

    UPDATE (March 10, 10:26 UTC): Replaces photo.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Ian Allison

    Ian Allison is an award-winning senior reporter at CoinDesk. He holds ETH.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.



    Read more about