Slovenia-based crypto payments app company, Eligma, has raised €4 million from some of the biggest names in the cryptocurrency ecosystem, including Bitcoin.com, Roger Ver, and Swiss investment firm Pangea Blockchain Fund.
Eligma has developed a unique infrastructure that enables merchants to accept instant crypto payments at their points-of-sale. It has strongly contributed to disrupt payments in Slovenia, as it is the number of brick-and-mortar shops and service providers accepting both fiat and crypto, and is also present in Croatia. The firm has
established more than 430 locations in both countries so far.
Dejan Roljic, Chief Executive Officer at Eligma, commented: “The development of finance is going towards cash becoming a thing of the past. Among other things, this is because doing business with it is quite time-consuming and expensive. On the other hand, one of the main problems with cryptocurrencies is that the confirmation of transactions can take several minutes if not more, which is unacceptable in daily shopping. Eligma effectively solved this problem with Elipay, which enables instant crypto transactions; furthermore, the merchant receives settlement in local fiat and is thus safe from crypto volatility. This makes the use of cryptocurrencies quick and effective for daily use. We must not forget that cryptocurrencies were envisioned as the electronic cash of the future.”
“On a daily basis, we are being contacted by merchants and companies from various countries where cryptocurrencies already represent an important alternative to the local currency or fiat in general. This is not only an important recognition of all our hard work and persistence, but is also proof of the practical utility of our ideas and solutions. We are proud to have raised the interest of Bitcoin.com and Pangea Blockchain Fund, whose investment clearly reflects their belief that our solutions have global market potential”, said Roljic.
The simple shopping process requires the buyer to scan the purchase QR-code with a crypto wallet, then select the cryptocurrency and confirm the transaction. Elipay locations can serve more than 20,000 users of the Elipay app and the Bitcoin.com Wallet with 4 million users, with other crypto wallets being added to Eligma’s infrastructure soon.
Users of the Elipay app receive up to 2 % ELI, Eligma’s token, back for every purchase, and can spend their ELIs on further shopping at any of the Elipay locations.
Bitcoin City, a shopping mall with 21 million visitors a year and the world’s highest concentration of shops accepting crypto, is also owned by Eligma. The €4 million will also be used to expand the trademark and its concept to other cities around the world.
Roger Ver, Executive Chairman of Bitcoin.com, added: “Bitcoin.com is investing in Eligma … as we drive more and more adoption and make it easier and easier for more people in more and more countries around the world … to use cryptocurrencies in general.”
William Duplessie, co-founder at Pangea Blockchain Fund, stated: “Eligma’s payment rail solution provides enormous relief for individuals transacting in markets with high currency inflation rates. These markets are such where transacting in cryptocurrency can be advantageous in countering the inflation of local currency. Eligma is highly impactful in this environment. In addition, Eligma’s flexible structure allows the technology to be integrated with ease into POS systems, creating growth in both user and client bases. The Pangea Team is exceptionally excited for the future of Eligma as a payment solution worldwide.”
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