UTRUST, a cryptocurrency-based payment processor has recently completed its pre-ICO round, successfully selling out the pre-sale token supply and gathering $1.5M in less than 90 minutes. The high demand for UTRUST demonstrated during the pre-ICO is a strong indicator of how badly the cryptosphere needs a solution that can make online purchases safe and functional. Nuno Correia, CEO of the UTRUST project stated:
“Without a strong customer protection mechanism, the majority of crypto money out there is useless. The cryptoshpere needs a safe environment and a trust relationship between buyer and seller in order to make virtual money practical and to take it to the next level of adoption.”
Although the Pre-ICO sold out quickly, users will still be able to be part of the project through the Initial Coin Offering campaign which will take place on the 20th of September, allowing users to buy UTK, the underlying token in the UTRUST system, for Bitcoin and Ether. During the ICO, 70% of the total UTK supply will be available to participants for an initial $0.04 price which will gradually increase to $0.085.
UTRUST to bring crypto to the masses
Although cryptocurrencies are on the rise, they are still lagging behind traditional payment systems who, ironically, offer few benefits. UTRUST plans to change this reality by bringing a strong consumer protection mechanism to the cryptosphere, making online purchases secure and simple.
The buyer will be able to pay for goods and services with any cryptocurrency, making UTRUST a one-size-fits-all platform, whereas the merchants themselves receive a fiat currency of their choosing, protecting their revenue from volatility. Before the payment is released to the seller, however, the funds are held by UTRUST’s advanced escrow system, ensuring that the transaction goes smoothly. In case of a dispute, the problem can be handled by the dispute resolution team who will assess all the available information and make a decision from there.
The UTRUST token (UTK), an Ethereum-based cryptocurrency, gives its holder additional benefits such as a platform fee exemption when paying with UTK. Moreover, the UTK also rewards early supporters through a buy-back & burn system in which tokens are bought from exchanges and destroyed in a transparent manner, making the UTK a deflationary currency.
In a sense, UTRUST can be seen as the PayPal for cryptocurrencies, providing the necessary conditions for cryptocurrency use to spread like wildfire in online markets.
UTRUST Joins Crypto Valley Blockchain Consortium
Prior to its successful ICO, UTRUST also announced its corporate membership in Crypto Valey, a government supported and blockchain-centric organization that can bee seen as the Sillicon Valley of the cryptosphere, connecting with other hubs throughout the world in an effort to bring forth innovation in the space.
UTRUST’s underlying mission of making online cryptocurrency payments secure and mainstream makes it the perfection addition to the Crypto Valley Blockchain Consortium whose main goal is to support “the development of Blockchain and cryptographic related technologies and businesses.”
The Crypto Valley Associated was founded earlier this year and is lead by UBS Group CIO, Oliver Bussman. During a previous interview, Bussman stated:
“The association will support startups and established enterprises through policy recommendations, initiating and enabling research projects, organizing conferences, hackathons and other industry events.”
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