Generally, online payment platforms are more of a necessary evil than a pleasure to work with. Systems like PayPal and others have been used extensively, but have limited functionality, low-level business application, and no access for cryptocurrency users. While these systems have been popular, they are not genuinely peer-to-peer (P2P), and produce huge returns for centralized hubs.
UTRUST, a recent startup in the online payment marketplace, is intending to bring the benefits of PayPal and other online platforms together with blockchain technology to produce the ultimate online payment gateway. Blockchain technology will provide the needed leverage to beat these platforms at their own game.
The missing piece
The cryptocurrency world has exploded (the recent peak of Bitcoin being the clearest indication), but robust technology for utilizing cryptocurrencies for fiat currency style transactions has been slow to follow. Some companies have created Bitcoin payment gateways for merchants, and P2P payments are relatively simple for the tech-savvy, but business to consumer (B2C) transactions have continued to pose challenges.
Volatility within the cryptocurrency world (take Bitcoin’s recent dive after its all-time high) leads to limited usability with merchants and consumers alike. The danger that the actual street value of a payment they’ve received may suddenly go through the floor keeps many merchants out of the market.
What’s more, the many new cryptocurrencies entering the market daily means that businesses must have a veritable Swiss Army Knife of wallets and gateways in order to transact business in the crypto sphere. And even for those that do, the reality that cryptocurrencies offer absolutely no buyer protection keeps the adoption limited.
Crypto for buyers
Buyers and sellers have come to expect certain services from online transactions, and the difficulties with the crypto world have left consumers lacking. However, UTRUST intends to solve some of these issues by establishing a basis for trust by providing buyer protection and crypto to fiat transactions.
For buyers, the company will begin offering a simple but effective buyer protection program, not unlike PayPal, but the first ever in the crypto world. And, by opening a portal for sellers to accept a large number of cryptocurrencies, UTRUST will make crypto purchases simple and easy for buyers. As Nuno Correia, the company’s founder, mentions:
‘’UTRUST is the first cryptocurrency payment solution in the world that provides buyers with a purchase protection. The next-gen version of PayPal is blockchain based and designed to make online payments safer, faster and cheaper.’’
UTRUST also deals with seller issues around volatility. The platform shifts the crypto coins directly and immediately into fiat currency. In this way, sellers are shielded from market fluctuations. And, since the platform is truly P2P, the fees that sellers are charged can be drastically limited.
Revolutionizing the market
Coupling the services that buyers and sellers expect with the effectiveness and growth in the cryptocurrency market has made UTRUST the first company of its kind to provide real workable solutions for consumers, and especially in the B2C realm. Detailed analysis of how the platform works is available here.
The UTRUST ICO (for uTrust tokens) will commence November 2 at 2PM UTC, and, after huge pre-ICO interest, the platform has already completely sold out the private investor and pre-ICO tokens at over $3.5 mln. The public portion of the ICO, representing 70% of the available tokens, will continue.