Romanian fintech MultiversX (Elrond)’s cryptocurrency eGold (EGLD) is now available to millions of users using Revolut and its banking app.
According to the company, Revolut’s listing of the MultiversX crypto will introduce a wider audience to the frictionless payments at the core of the Romanian company’s vision, while making its digital token available to users across 36 countries.
“The most innovative and disruptive startups in the fintech field gravitate towards crypto, bringing along unique talent pools and fully engaged communities. When you add to this a vision that transcends its own product and industry, you get a game changer. MultiversX (Elrond) is such a project. That’s why we are excited to be able to offer EGLD to Revolut’s customers and help them accomplish their vision of an inclusive global financial system.” MultiversX (Elrond Network) CEO Beniamin Mincu said in a statement.
UK-based fintech company Revolut currently serves over 20 million customers and is one of the fastest-growing companies in Europe, with a current valuation of $33 billion.
The second Romanian unicorn by many accounts, MultiversX has a range of solutions through which it is looking to power the future of autonomous banking. In July 2020, the MultiversX founders built the eponymous blockchain platform and a few months later they launched the MultiversX crypto called eGold (EGLD). They also have a mobile wallet and global payments app alternative to the likes of Paypal and Google Pay, called Maiar.
The Romanian fintech claims that it can process upwards of 15,000 transactions per second (TPS), with 6-second latency, and negligible cost, looking to become the backbone of a permissionless, borderless, globally accessible internet economy.
What is the EGLD coin behind MultiversX and how does it work?
The MultiversX crypto eGold (EGLD) coin facilitates the functioning of the whole Elrond network. The utility of the EGLD coin on MultiversX is multifold, and it is used as part of the platform governance mechanism, for staking and validator rewards, and as payment for transactions and smart contracts.
The MultiversX (Elrond) platform users and developers alike pay to use the MultiversX Network with the EGLD coin, which serves as gas for the entire ecosystem. Furthermore, the EGLD coin is designed for use with Elrond’s proprietary Maiar Wallet, which enables users to send near-instant transactions over the Elrond Network.
What have been the historical trends in its price?
At the beginning of its launch in September 2020, EGLD traded at little more than $13. Achieving a rapid growth over the next period, the coin had its highest price on the market in November 2021, when it reached around $490. Having weathered the storms and crashes in the crypto market that happened at the beginning of 2022, at the end of August 2022, the Elrond crypto trades at around $52, with a 24-hour trading volume of $30.4M.
How can you buy the MultiversX crypto on Revolut?
To use Revolut’s crypto services, users must have a payment account with a company in the Revolut group. The Revolut account is used to make and receive payments for their crypto services, including the Elrond crypto and many other cryptocurrencies.
The Revolut gives users complete control over their purchased cryptocurrencies such as deciding when to sell or transfer them to another wallet, and so on.