UTRUST Wants to Bring Cryptocurrency Payment Solutions to the Masses

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by Andy Watson · 4 min read
UTRUST Wants to Bring Cryptocurrency Payment Solutions to the Masses
Photo: UTRUST / Medium

Cryptocurrency payments platform UTRUST is campaigning around the world to let ‘unbanked’ and ‘underbanked’ people gain access to financial services.

There are two kinds of people in the world in the eyes of banks: the banked and the unbanked. While there is a third type as well who are sometimes referred to as the underbanked, they aren’t a whole different lot altogether from banked since they have some experience of banking.

There are more than 2.5 billion people who don’t bank and around 1 billion more underbanked people. Most of the reason behind this negative banking attitude is the lack of creditworthiness as the banks put it. So banks determine who is worthy and who is not. UTRUST, a new payment solution is campaigning around the world to let these underbanked and unbanked people gain access to financial services.

UTRUST is a cryptocurrency based payment solution who for the first time have successfully deployed a buyer protection system based on cryptocurrency payment and fiat currency withdrawals. This new system has enabled them to become the first blockchain-based payment solution company and they have since announced new partnerships to become a global presence like they want to become.

“UTRUST aims to create an infrastructure that provides the benefits of fast, secure, convenient, and inexpensive cryptocurrency transactions alongside the world’s first cryptocurrency payment protections,” said Nuno Correia, CEO of UTRUST. “Our goal is to democratise the world of altcoins and Blockchain technology to ensure that anyone can benefit from instantaneous, transparent and cost-effective transactions, irrespective of where they live and level of education. “

The UTRUST-Soma partnership that outlined mutual beneficial approach was taken very well by the cryptocurrency community. It is seen as a step taken in the right direction since no company can become masters in everything.

UTRUST instead of limiting themselves to a single platform of Soma, have become increasingly involved in other ventures and establishing their company as a dominant force around the world. They know that theirs is the only practical solution available right now but in order to make it happen they need to be able to make huge inroads into the mainstream market of today rather than just being limited to cryptocurrency circles only. So, they are going to address this basic problem in a two-pronged approach.

The first part of the approach is to completely legalize the company’s standings. They have since registered themselves with the Swiss authorities in a comprehensive manner and got a limited liability license under their belt. It is a significant achievement since cryptocurrency-based solutions are facing problems everywhere in incorporating themselves with the rest of the economy.

The other part of the approach is to engage in mass contact movement around the world. For this purpose, UTRUST’s team and CEO will visit conferences around the world to showcase their groundbreaking improvement and buyer protection system based. Here is their schedule for the recent future:

You can see that it is a busy calendar indeed for UTRUST team. If they are able to make most of it, they will reap really good benefits from it as they officially launch their system for the public.

UTRUST Token Sale

The main Initial Coin Offering (ICO) for UTRUST will start on November 2, 2017 and will last for one month. The total number of coins available will be 1 billion and the base price is set at 0.065 cents. The amount UTRUST is looking to raise is around $49 million.

The lower amount is due to discounts placed in the pre-ICO. Since UTRUST is one of the hottest names in cryptocurrency right now, its pre-ICO was funded before their timeline ended.  Last month the company announced that its pre-ICO was sold out in 90 minutes raising over $1.5M.

UTRUST will use the collected funds to establish key industry partnerships and develop the world’s first ready-to-use cryptocurrency payments platform. The ERC20 compatible tokens are created over the Ethereum protocol, and can be used as a means of exchange 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.

The company will allocate a certain portion of the revenues to buyback and reduce the number of 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.

Blockchain News, News, Token Sales
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