SIBIU, Romania, Aug. 26, 2022 /PRNewswire/ — Elrond‘s EGLD token powering the internet-scale blockchain network which serves as an infrastructure for Web3 payments, DeFi and the new Metaverse economy, has been added to the list of cryptocurrencies available on Revolut, making it accessible for trading on the popular fintech app.
Having its main launch in July 2020, Elrond has since become the second-largest PoS blockchain in the world, after Ethereum 2.0, with 3200 validators spread across different geographies. It’s also the first carbon-negative European blockchain as it offsets more CO2 than is required by its advanced PoS network.
Revolut’s listing of EGLD will introduce a wider audience to the frictionless payments at the core of Elrond’s vision, giving a new generation of digital natives a token that is used to fuel the seamless transfer of any type of value globally.
The mobile banking company valued at $33 billion with a +20M worldwide customer base aims to increase financial inclusion by allowing its users throughout the EU and UK to buy, hold and sell cryptocurrencies with the same ease as any other digital asset, and now for EGLD as well.
With its EU banking license and the recently granted CASP license for crypto-related services, Revolut is operating in 30+ countries (European Economic Area, USA, UK, Switzerland, etc) and has plans to expand into new markets thanks to their constant regulation and compliance efforts.
“The most innovative and disruptive startups in the fintech field gravitate towards crypto, bringing along unique talent pools and fully engaged communities. When you add to this a vision that transcends its own product and industry, you get a game changer. Elrond is such a project. That’s why we are excited to be able to offer EGLD to Revolut’s customers and help them realize their vision of an inclusive global financial system,” said Beniamin Mincu, Elrond Network CEO.
Elrond has been designed from the ground up to solve the performance limitations of the current blockchain iterations (i.e. Bitcoin, Ethereum) and in its current network configuration can process 15,000 transactions per second, but can scale beyond 100,000 TPS by leveraging sharding to parallelize transaction processing, thereby being able to accommodate growing demand by adding more shards to the network.
Elrond is a new blockchain architecture, designed from scratch to bring a 1,000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 15,000 transactions per second (TPS), with 6-second latency, and negligible cost, attempting to become the backbone of a permissionless, globally accessible internet economy.
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