Elrond acquired Utrust in the previous week. This was termed Web3 Payment Revolution. The acquisition specifically targets eCommerce companies and payment methods.
The acquisition has now entered the automobile market, with Autoworld being the first one to integrate Utrust with its selling process. Autoworld has taken it a step ahead by getting its Carcloud platform on board for the integration.
Background
Elrond has been designed to improve the speed and throughput of the payment system. It is a blockchain architecture that functions with two important innovations.
The first innovation is its Adaptive State Sharding mechanism. Another key innovation is a Secure Proof of Stake algorithm. Both these innovations enable the blockchain architecture to process 10,000 transactions every second with a latency of 5 seconds at a minimal cost.
Utrust leads the market of Cryptocurrency payment solutions. It is a global Web3 payments technology that has been designed to refashion the financial and payment industry.
It enables buyer protection, immediate transactions, and instant settlements for merchants. Utrust has emerged as a much-improved way of exchanging the payment between a merchant and the client.
Advertisement
Autoworld is the official dealer for Audi, Volkswagen, and Volvo. The European car dealer also operates Das Weltauto Auto, a pre-owned marketplace.
The innovative Carcloud platform by Autoworld offers a digital process to its customers. The platform allows customers to digitally review the selections of cars and purchase them at their convenience.
Autoworld Integrates Utrust
Since the one week when the acquisition of Utrust was announced by Elrond, many dealers have come forward to register their dealership as a Web3 merchant.
As per the estimates publicly available, almost 400 businesses have signed up to be in the line, out of which five have already gone live with the integration of Utrust.
Autoworld comes to the headlines as it is the first one to have been approved to become a Web3 merchant. In other words, the European car dealer has now integrated Utrust with its services, including its Carcloud platform.
Customers have always preferred to make payments in EGLD. After the integration, they will be able to do it more easily in a secured manner. Prospective customers will also be able to access their DeFi yields to purchase a car of their choice.
Integration of Utrust with the services of Autoworld will make the entire payment process more streamlined as compared to its previous payment process.
Utrust is also expected to become the primary service provider for Autoworld to accept other Cryptocurrencies like Bitcoin and Ethereum.
Roger Patrasc, a Sales Manager at Autoworld, stated on this occasion. He said that the dealership would now be able to accept EGLD more conveniently due to the integration of Utrust. He added that the process of invoicing and booking would no longer be a special process.
Advertisement
Anyone with an automobile dealership can register themselves in the waiting line. The approval to become a Web3 merchant will give an edge over competitors in the market.
You can click here to know the price prediction for EGLD.
