Revolut Adds Elrond To Its Expanded Crypto Offerings
Revolut, a British fintech and banking company, is collaborating with Elrond to add EGLD, the native cryptocurrency of the blockchain, to its platform.
More than 20 million Revolut users across more than 30 countries will have access to Elrond’s EGLD, a chance that Elrond CEO Beniamin Mincu called “tremendous.”
The decision represents a wager on the blockchain’s core technology, given that the value of its token has fallen by over 90% since reaching an all-time high in November 2021. In that time, its total value locked (TVL), which today stands at $157 million, has also been drastically reduced, according to DefiLlama.
“It’s a huge step forward in making EGLD available to a large audience of people” Mincu. “The listing is one thing, but there are other things such as staking and some other features as well.”
Elrond debuted its mainnet in July 2020
Elrond powered its blockchain with Secure Proof of Stake (SPoS), a proprietary Proof-of-Stake (PoS) consensus algorithm.
“We believe the Elrond network enables us to scale dynamically with the demand of the network in a way that no other network can do at this point” Mincu said.
After “suspicious activities,” the network’s decentralized exchange and digital wallet Maiar was taken offline in June 2022. The MEX token in the wallet lost approximately 90% of its value as a result of this incident.
EGLD also suffered; shortly after the incident, its price dropped as low as $38. Its cost has decreased since reaching an all-time high on November 23, 2021, of over $540.
Although the network’s ecosystem has not yet seen any big improvements, Mincu said there would be a lot to look forward to in the upcoming months. Specifically, in November, when the inaugural Elrond conference is scheduled to take place in Paris.
“We’ve been working on several things, and with this conference, people will get the sense of where this entire space is really going towards, and what we’ve been working on in silence for some time now,” Mincu said.
Mincu said that moving forward, he sees Elrond becoming the “next fundamental layer for the metaverse.”
“I believe that the metaverse landscape will be absolutely defining for the next decades,” he said. “But without the blockchain, the metaverse really cannot exist — so this is the direction that we’re pushing very heavily towards.”
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