Elrond CEO Beniamin Mincu has announced the altcoin project’s strategic partnership with Singapore-based cryptocurrency exchange MEXC Global. With the effect of the news, the altcoin price increased by about 9%.
Strategic partnership good for altcoin project
Elrond is a Blockchain protocol that aims to offer extremely fast transaction speeds using sharding. The project describes itself as a technology ecosystem for the new internet that includes fintech, decentralized finance (DeFi), and the Internet of Things. Forming a strategic partnership with Elrond, MEXC Global will support projects in the Elrond Network ecosystem with mentoring, financing and access to new markets in more than 200 countries, including the USA. Elrond CEO Beniamin Mincu shared the following about the partnership on his Twitter account:
We are excited to announce a strategic collaboration with MEXC Global. They will support exceptional projects in the Elrond Network ecosystem with guidance, financing and access to new markets in over 200 countries, including the USA.
Earlier in March, Elrond Network acquired Twispay, a Romanian payments company, with the approval of the country’s central bank, the Romanian National Bank, to issue electronic money.
As previously reported by Somanews, Elrond Network (EGLD) has recently acquired Utrust, a leading crypto payment product. This acquisition aims to allow Elrond Network to change the game in e-commerce and cross-border payments, as the Utrust offering package includes instant transactions, buyer protection and crypto-to-cash.
To a large extent, Elrond Network hopes to improve its services for traders who accept both cryptocurrency and fiat. With the mechanisms of Utrust, Elrond will offer almost instant payments with almost zero fees.
Elrond (EGLD) price rises due to partnership news
According to CoinMarketCap data, the price of altcoin, which is the 35th largest cryptocurrency with a market valuation of $3.69 billion, reached $175, with a 9% increase at $160 during the day with the effect of the news. However, it later retracted a bit. At the time of writing, EGLD was trading at just over $170, up 6.61% in the last 24 hours. On the other hand, it is 68.55% off the all-time high of $542 that Elrond saw about 4 months ago.
