What is UTRUST?
UTRUST is aiming to be an online payment platform which provides buyers with the ability to pay for the purchase of goods and services through major cryptocurrencies.
The company also features the similarity with Paypal in that they will serve as a dispute resolution center and can act as an intermediary between buyers and sellers, placating the concerns for both parties and resolving issues in a timely manner.
UTRUST are also seeking to make certain that there is minimal volatility for the seller and ensuring they can receive the proper value for their sales.
The overall aim of UTRUST is to improve the current landscape of payment platforms by introducing cryptocurrencies but also including faster transactions, minimal to no fees and minimal fluctuations in reception of currency value across the globe. The company states ” In sum, we aim to build the payment API for marketplace integration that will become the crypto-contender to PayPal.”
The company will utilize the expertise of it’s many members who have the necessary and relevant knowledge in sectors across the board from management to payments, fintech and law.
How does the UTRUST work?
The buyer purchases a good or service online and pays with Bitcoin, Ethereum and other major crypto currency. They have the option of having a low conversion fee when using these major cryptocurrencies or they can have zero fees if they opt to use their UTRUST tokens.
Here’s the interesting part… the funds are then converted immediately to the designated fiat currency minimizing currency fluctuation and protecting the seller.
UTRUST will then hold the funds as a part of it’s dynamic holding process and then release to the seller based on performance.
The Seller then receives the fiat currency and then can move it to their bank or convert to cryptocurrency or keep it in their wallet.
• An overall lower purchase risk
• Increased speed in payment approval
• Drastic lowering exchange fees
• The ability to utilize many cryptocurrencies
• Fund Safety
• No chargebacks
• Covers both physical and virtual purchases
• Quicker Resolution process
• Own token
They are planning on implementing their MVP in the second quarter of 2018. This implementation will test the platform for merchants. It will then have a focus on the client API, wallet and integrate with various e-commerce platforms. UTRUST will continue to expand across Q3 and Q4 of 2018 with a focus of a much larger global presence in 2019.
For UTRUST to be relevant they would have to make sure they get both aspects of the system right, the system for the buyers and that for the sellers. If they tackle this chicken and egg problem correctly and integrate with the many e-commerce giants, they will be able to play a significant role in bringing more relevance and use to the rapidly expanding cryptocurrency industry. The more exposure and use that these companies provide for cryptocurrencies, the more sense it makes for current users and new users to switch over to these platforms, increasing the value for all, from the pioneers of platforms to the sellers and buyers.
They have already been through their pre ICO phase and are now in the Initial Coin Offering phase. The ICO has just opened yesterday and they will have a hardcap of 49M USD.
For more information, Visit the UTRUST site
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