Place/Date: Zug, Switzerland - October 11th, 2017 at 5:32 pm UTC · 5 min read
Contact: Nuno Correia, Source: Utrust
Building on progress in solidifying its business structure, UTRUST is pleased to confirm that its public ICO will now commence on November 2, 2017 (2pm UTC). UTRUST tokens will be up for sale at a base rate of $0.065 each. The ICO will run for a maximum of seven days or until a hard cap of $49 million is reached, or until sold out, whichever occurs first. No further tokens will ever be issued and any unsold tokens will be burnt, permanently reducing the total supply, currently at 1 billion. This ICO represents the final round of fundraising for a blockchain payments system targeting some 2.5 billion unbanked.
UTRUST is being incorporated as a Swiss GmbH (essentially a limited liability company) and remains fully committed to achieving adherence to all relevant rules and regulations by financial entities within operational jurisdiction in Switzerland. This is in line with UTRUST’s mission to operate as a legally compliant and future-proof platform, in recognition of the impending need for implementation of KYC/AML procedures which will be the standard for regulated cryptocurrency exchanges.
UTRUST has currently raised $3.5 Million through private early investors and the sold out pre-ICO, with the public ICO scheduled for November 2nd 2017.
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.
UTRUST ICO and Tokens
UTRUST’s public ICO will be held on November 2nd. 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.
Disclaimer UTRUST is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.