Revolut has added Elrond’s EGLD token, which powers the internet-scale blockchain network that supports Web3 payments, DeFi, and the new Metaverse economy, to its list of supported cryptocurrencies, making it possible to trade it on the well-known fintech app.
Elrond, which had its primary launch in July 2020, has since surpassed Ethereum 2.0 to become the second-largest PoS blockchain in the world, with 3200 validators dispersed throughout several regions. It is also the first carbon-negative blockchain in Europe because it offsets more CO2 than is necessary for its cutting-edge PoS network.
According to Valahia News, in addition to providing a new generation of digital natives with a token that is utilized to power the seamless transfer of any sort of value globally, Revolut’s listing of EGLD will bring a broader audience to the frictionless payments at the center of Elrond’s concept.
By enabling its users in the EU and UK to buy, hold, and sell cryptocurrencies with the same simplicity as any other digital asset. For EGLD, the mobile banking business, valued at $33 billion with +20M worldwide customers, intends to improve financial inclusion.
Revolut operates in more than 30 countries (including the European Economic Area, the United States, the United Kingdom, Switzerland, and others) and has plans to expand into new markets thanks to its ongoing regulatory and compliance efforts. It has an EU banking license and a CASP license that was just granted for crypto-related services.
In its current network configuration, Elrond can process 15,000 transactions per second, but it can scale beyond 100,000 TPS by utilizing sharding to parallelize transaction processing, allowing it to accommodate growing demand by adding more shards to the network. Elrond was built from the ground up to address the performance limitations of the current blockchain iterations (such as Bitcoin and Ethereum).
Elrond is a brand-new blockchain architecture created from the ground up to boost throughput and execution speed by 1,000. A revolutionary Adaptive State Sharding mechanism and a Secure Proof of Stake (PoS) algorithm, which together enable linear scaling with a quick, effective, and secure consensus mechanism, are introduced by Elrond as two essential inventions that help to accomplish this. So, Elrond, which aims to support a permissionless, accessible internet economy, can handle up to 15,000 transactions per second (TPS), with a 6-second latency and minimal cost.
Elrond introduced Maiar, the e-wallet of the future, in January 2021. The Romanian blockchain business Elrond works to build a community of dependability, trust, and transaction speed despite encountering some difficulties along the road.