Crypto

Revolut expands its crypto offerings by adding Elrond – Blockworks

  • The price of EGLD has fallen 77% since its all-time high in January 2022
  • Elrond CEO Beniamin Mincu said many new updates are expected in the coming months.

UK-based financial and banking technology company Revolut is partnering with Elrond to bring blockchain-native cryptocurrency, EGLD, to its platform.

Elrond’s EGLD will be available to over 20 million Revolut users in more than 30 countries, an opportunity that Elrond CEO Beniamin Mincu called “great”.

The move marks a gamble on the underlying blockchain technology, given that its token has fallen around 90% from its November 2021 all-time high. Its total value locked (TVL) was also decimated at this time. era and now sits at $157 million, according to DéfiLlama.

“It’s a huge step forward in making EGLD accessible to a wide audience,” Mincu told Blockworks. “Listing is one thing, but there are other things such as staking and other features as well.”

Elrond launched its mainnet in July 2020, using its own unique Proof-of-Stake (PoS) consensus algorithm called Secure Proof of Stake (SPoS) to support its blockchain.

“We believe the Elrond network allows us to dynamically scale with network demand

in a way that no other network can do at this point,” Mincu said.

The Maiar network’s decentralized exchange and digital wallet was taken offline in June 2022 after “suspicious activity”. This incident caused the value of the wallet’s MEX token to drop by more than 90%.

EGLD also suffered, slipping as low as $38 shortly after the incident. Its price remains down from its all-time high of November 23, 2021 of around $540, trading at around $56.20 at the time of writing.

While there haven’t been any major ecosystem updates on the network yet, Mincu said there will be plenty to look forward to in the coming months. Specifically, in November – when the first Elrond conference will be held in Paris.

“We’ve been working on several things, and with this conference people will get a sense of where this whole space is going and what we’ve been quietly working on for some time now,” Mincu said.

Mincu said that in the future he sees Elrond becoming the “next fundamental layer of the metaverse”.

“I believe the metaverse landscape will be absolutely defining for the next few decades,” he said. “But without blockchain, the metaverse really can’t exist – so that’s the direction we’re pushing very strongly.”


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  • Bessie Liu

    blockages

    Journalist

    Bessie is a New York-based crypto journalist who previously worked as a tech reporter for The Org. She received her master’s degree in journalism from New York University after working as a management consultant for more than two years. Bessie is from Melbourne, Australia. You can contact Bessie at [email protected]

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