Barely a day after the launch of its upgraded ICO, UTRUST continues to surpass expectations, with a high demand for its tokens pushing the total funds raised to $10 million. Having achieved the soft cap target, UTRUST now has a strong foundation upon which to achieve its mission of disrupting online payments with cryptocurrency.
The surge in token sales on opening day likely benefited from UTRUST’s ICO being one of the few of its kind to welcome conditional participation from US citizens. Accredited US investors are allowed to buy tokens on a first come, first served basis, and are subject to a 12-month vesting period applied to tokens sold.
Interest and demand for UTRUST tokens have been further buoyed by recent developments with regards to regulatory adjustments, which ensures that the ICO adheres to all rules and regulations by financial entities in the Swiss jurisdiction. This is in line with the startup’s commitment to protect customers by ensuring a legally-compliant and future-proof platform.
The project continues to gain pace and build momentum with multiple appearances at several key blockchain conferences scheduled across the globe. The UTRUST team carry the key messages of UTRUST’s mission to bridge some 2.5 billion unbanked people and merchants to the global financial economy through the innovative features of blockchain-based cryptocurrency.
UTRUST offers a simple solution focused on consumer protection. Acting as a mediator for transactions, both parties to transactions are relieved of liability. Users can purchase goods and services while merchants get paid, using their choice of cryptocurrency or traditional fiat.
UTRUST ICO and Tokens
UTRUST’s public ICO launched on November 2nd to obtain a financial leverage of up to $49 million. The company will use the collected funds to establish key industry partnerships and to develop the world’s first PayPal-like cryptocurrency payments platform. The ERC20 compatible tokens are created over the Ethereum protocol, and can be used as a means of payment on UTRUST’s payment gateway along with other cryptocurrencies.
UTRUST’s token can be used for making zero fee payments to the thousands of merchants accepting any cryptocurrency via UTRUST, and be traded against other currencies on supported exchange platforms.
UTRUST will allocate a certain portion of the revenues to buyback and destroy the tokens in circulation. Being a deflationary currency by design, the demand for UTRUST tokens will increase with time, which combined with buyback should lead to appreciation in its market value.
UTRUST is backed by a highly experienced team from various sectors including corporate management, startups, payments, cryptocurrency development, law, finance, and computer science. Some of the prominent members of the team include:
Nuno Correia, CEO
Nuno Correia is an early cryptocurrency investor who has been involved in the cryptomarkets since the beginning of 2011. Having founded multiple B2C businesses in the past, Correia has a background in Law and Marketing, and his passion lies in transforming the future of digital payments.
Filipe Castro, CIO
Filipe Castro holds a business degree from MSENG and is passionate about disruptive technologies. He has experience developing electronic payment systems and other software solutions during the early days of his career. Castro is engaged in business development and strategic development of new ventures.
Artur Goulão, CTO
Artur Goulão comes with previous experience in the payments industry. He has previously donned the role of a CTO in one of leading digital payment platform and is currently serving as the Head of Development at a Swiss-based Cybersecurity company. With a background in computer science from IST and MIT, Goulão is well-acquainted with both classical and blockchain smart contract based approach.
Roberto Machado, CPO
Founder and Product Manager at several startups prior to UTRUST, he has been leading different teams to build highly-reliable software products, with a focus on the end user experience. Previously, he has worked together with major international companies such as AT&T, Betfair, Airtel, and Uphold, being responsible for the vision outline, goals and product strategy of solutions used by millions of users.
Other significant team members include Luis Ferreira as Head of Engineering; Laura Esteves as Head of Operations; Joao Ferreira as Head of Design; Nick Olender as Head of Sales and Partnerships; and Francisco Baila as Product Designer. UTRUST has a team of software engineers like Miguel Palhas, Gabriel Poca, Ronaldo Sousa, Fernando Mendes, Bruno Azevedo, Pedro Costa, and Joao Justo.
UTRUST’s diverse advisory team includes Francisco Maia, Francisco Cruz, Joao Paulo, Sergio Viana, Marc Howland, David Dryan, Daniel Pierce and Sascha Benz.
UTRUST has currently raised $10 Million and reached its soft cap in its ongoing public ICO.
UTRUST is the world’s first cryptocurrency payments platform to implement consumer protections on a mass scale. The company is building a global PayPal–like payments platform with extensive cryptocurrency support.
UTRUST’s end goal is to provide all the benefits of fast, secure, convenient, and inexpensive cryptocurrency transactions, in tandem with the world’s first cryptocurrency payment protections, which consumers need to fully embrace blockchain technology en masse.
With 2.5 billion unbanked people in Emerging Markets yet to benefit from financial inclusion, UTRUST is also planning to build the bridge to enable the unbanked worldwide to access the mainstream global financial system.