Elrond Network, a blockchain project based in Europe, has acquired Twispay, a payments service provider from Romania that has the right to issue electronic money.
The company is also a major participant in the Visa and MasterCard networks, meaning the deal may involve the issuance of bank cards.
It is worth mentioning that the financial terms of the transaction have not been disclosed. The transaction has already been approved by the National Bank of Romania.
Consultations with the regulator have been held in several rounds since October 2021, according to the statement. The decision of the central bank has been considered by Elrond as a “landmark,” and the acquisition has been considered as “the first strategic step in creating a bridge between traditional finance and the crypto space.”
Twispay can operate within the entire European Economic Area, which includes the EU countries, Iceland, Norway and Liechtenstein.