The ICO for the UTRUST Platform is set to start on November 2nd 2017 at 2:00 pm UTC. One of the few of its kind, UTRUST will allow U.S citizens to participate in the event provided they are accredited investors. A recent announcement reads:
“U.S. investors can buy tokens on a first come, first serve basis. Additionally, U.S. investors will be subject to a 12-month vesting period during which tokens can neither be withdrawn nor sold.”
The fundraising campaign will allow participants to become part of the first blockchain-based payment platform with a disruptive escrow and dispute resolution system, giving them access to the platform without fees. Tokens are to be made available for purchase using Bitcoin or Ethereum. The price is set for approximately $ 0.07 per token. More details are available at UTRUST – ICO.
Following the token pre-sale in August which sold out in just 90 minutes, gathering 1.5 million dollars, the UTRUST ICO was postponed to the 2nd of November. These changes are in response to recent regulatory changes regarding ICO projects. In a recent blog post, the UTRUST team stated:
“UTRUST remains fully committed to adhere to all rules and regulations by entities such as the Swiss Financial Market Supervisory Authority (FINMA) in order to assure a legally compliant, and future-proof platform…” – Nuno Correia, CEO of UTRUST
UTRUST is a project that aims to eliminate the potential for mistrust between sellers and buyers when cryptocurrency is involved. Often times, a seller is only aware of cryptocurrencies like Bitcoin and Ethereum because of the negative news they have heard or seen which may cause the sellers to feel uneasy about accepting crypto in exchange for their offered goods and services.
On the other end of the spectrum, there are thousands of willing, paying customers who prefer using Bitcoin, Ethereum, Litecoin and other cryptocoins but it is a challenge to shop with crypto because of limited merchant acceptance. Shoppers also may be skeptical of vendors who accept coin because payments made with Bitcoin and similar cryptocurrencies have no protection at all for the person sending the payment. Once it is sent, the transaction is permanent and without recourse in the event of a deal gone bad
UTRUST offers a simple solution acting as a mediator for the transaction, similar to an escrow service. By utilizing a clever crypto payment protection mechanism, both the seller and the buyer are relieved of liability.
UTRUST creates a flexibility that has not been possible until now. UTRUST users can shop with their favorite crypto and the merchant gets paid according to their preference too, even if they desire traditional fiat currencies. The UTRUST Whitepaper reads:
“This is a game-changer that we know can change how merchants and buyers use cryptocurrencies and we believe that the only missing link is a platform of mediation and trust. The UTRUST platform.”