Being the main author of TheBlogIsMine news portal in the past, Anastasia has significant experience in observing such fields as tech and business. Now she wants to explore a new area – FinTech. Passionate researcher on technology topics eager to know about what's shaping the future – and how to respond.
Payments startup UTRUST announced its plans to implement the world’s first cryptocurrency consumer protections into its platform.
UTRUST is an online payment platform that that enables buyers to use their favorite cryptocurrency in order to pay sellers and features a unique purchase protection mechanism. With the help of the experienced team from various sectors including corporate management, startups, payments, cryptocurrency development, law, finance, and computer science the fintech startup intends to change the cryptocurrency payments landscape pby creating a revolutionary payments platform.
“The UTRUST Platform aims to provide the consumer protection buyers take for granted in traditional online purchases, acting as a mediator, resolver of conflicts, enabling the possibility of refunds to mitigate fraud, while shielding the merchant from crypto-market volatility,” the company says in its whitepaper.
“We want to build upon the best features of cryptocurrencies, enabling fast transactions, lower fees and low cross-border transaction friction, enabling merchants to sell to a growing worldwide audience of crypto-holders. In sum, we aim to build the payment API for marketplace integration that will become the crypto-contender to PayPal.”
The company’s main goal is to usher in the adoption of cryptocurrencies by the mainstream which can become possible due to fast, secure, convenient, and lowcost cryptocurrency transactions alognside with the payment protection system.
The UTRUST platform will also allow to reduce buyer purchase risk, speed up payment approval process, decrease exchange and seller fees, support different cryptocurrencies, provide safety of funds and will also offer a decentralized UTRUST token with its value linked to the platform’s projected growth.
To turn all its plans into reality the startup has announced the launch of a crowdsale which is scheduled on August 28, 2017, at 1600 hours (GMT), according to the company’s press release. The Pre-ICO starts on August 28, 2017, with the public ICO launching on September 4, 2017. The team plans to use the collected funds for establishing key partnership and building the promised PayPal supportive platform.
ICO participants will be able to purchase the native ERC20 compatible UTRUST tokens created on the Ethereum protocol which can be later 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 token holders are rewarded for their encouragement and faith in the platform. The company has a mechanism in place allowing it to invest a portion of the transaction fees to buyback and burn UTRUST tokens, removing them from circulation.
August and September seem to be rich for quite prominent ICOs. Just take a look at Internxt’s crowdsale aimed at raising funds to build a new internet by creating a decentralized cloud infrastructure with high security level so the stored items such as websites, files and apps won’t be damaged.
Another worthy event is scheduled on September 5 and is devoted to Viberate – the brand new music platform which will join the entire live music ecosystem under one roof. Viberate opens live music world to anyone who can be part of it, decentralize booking processes by using blockchain technologies. The platform’s decentralized as well as it provides free data base for adding new musicians and it’s still open for those who want keep it relevant.
And finally, Universa Platform announced that it plans to gather as much as over $100 million during its upcoming ICO when participating at the Crypto Bazar forum to create Universa – a platform wchich can be compared to the revolution in trade, connected with the advent of paper money, or even to the introduction of the Internet.