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UTRUST, a blockchain based payment platform seeking to be the future of online payments, and SOMA, a decentralized social marketplace, have joined forces in order to revamp the classifieds business model.
UTRUST allows people to pay using cryptocurrency on their platform, while being the first of its kind to offer consumer protection on a scale comparable to giants such as PayPal.
SOMA is an Ethereum-based social marketplace that utilizes social capital through its reward system, which incentivizes users to perform actions that provide value to the community as a whole.
The partnership of both revolutionary projects will redefine the C2C business model, with people trading on a platform with low fees and without a bias towards certain products.
eBay and Amazon disallow selling of certain products, or may rank some products more favorable than others. SOMA’s decentralized marketplace will level the playing field, allowing sellers to compete in a fair manner and list goods and services without the fees typically included, allowing the seller to pass the savings onto the buyer.
“SOMA is proud to announce a partnership with UTRUST,” stated SOMA co-founder Joseph al Sharif. “UTRUST is a revolutionary payment platform that empowers buyers to pay with cryptocurrencies while providing a groundbreaking purchase protection mechanism. SOMA and UTRUST will both benefit from this fruitful partnership and we are excited to begin this collaboration as a long-term union between two innovative concepts.”
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.
SOMA’s token sale is currently ongoing, with 1 ETH yielding 450 SCT, while UTRUST’s begins November 2nd, at a rate of $0.065 per token. The partnership will likely increase the value of both respective projects token, as this long-term project looks to go head to head with Amazon, Alibaba, and eBay, which combined are valued at nearly half a trillion dollars.