UTRUST, a payment system that has been dubbed a “decentralized PayPal,” is defying expectations with the launch of its ICO. In the first day of its initiation, the project was able to reach its soft cap target after reaching $10 million in total funds raised.
The milestone was reached on the first day of the ICO’s launch, following a successful pre-ICO period — where token sales were sold after only 90 minutes. Furthermore, the digital payments platform is set to reach another milestone of raising $49 million in financial leverage.
The ICO has likely benefited from contributions from US-based investors – one of a only a few ICOs of its kind allowing limited participation from US citizens – a possible explanation for its success given certain legal hoops Americans are forced to jump through.
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.
The project continues to gain pace and build momentum with multiple appearances at several key blockchain conferences scheduled across the globe.
The Global PayPal-like Payments Platform
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.
The project is targeting the unbanked around the world, hoping to tap into the 2.5 billion person market — allowing them to connect the global financial system even without a modern banking infrastructure.
UTRUST ICO and Tokens
UTRUST’s public ICO was 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 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.