The market value of the EGLD digital currency, launched by the Sibiu-based Elrond Network on their own blockchain system, surpassed the threshold of USD 3 bln on February 8, after surging by about USD 1 bln (+50%) in 24 hours, according to data on coinmarketcap.com - which calculates the average trading price on several platforms.

The EGLD went up to as high as USD 196 on Monday before stabilizing at around USD 180 throughout the day.

The Elrond's price has thus tripled in the last seven days, after the blockchain startup launched the Maiar application, a digital wallet that aims to compete with traditional payment applications on the market, such as Revolut, PayPal, Google Pay.

The company aims to reach one million registered users in the first month after launch, Elrond co-founder and CEO Beniamin Mincu told local Ziarul Financiar.

The company's long-term goal is to reach one billion users. However, it hasn't set a timeline for reaching this objective.

Elrond and Maiar use the eGold cryptocurrency (EGLD), which refers to the idea of 'digital gold.'

Elrond claims that its blockchain network can process over 15,000 transactions per second and can scale to over 100,000 transactions per second.

(Photo: Pixabay)

andrei@romania-insider.com