Categories: EducationFAQ

What Is UTRUST?

Competition in the cryptocurrency space can only be considered a good thing. Right now, there is no one currency which checks all of the right boxes for everyone. UTRUST thinks it can change that by providing a cryptocurrency payment platform with buyer protection and convenient crypto-to-cash settlements.

The UTRUST Vision

It is evident that cryptocurrency can make a positive impact in the world of global payments. As of right now, traditional payments pose a lot of different risks which affect both retailers and buyers alike. With cryptocurrency, it is possible to avoid fraud, chargebacks, and protect users up to a certain degree. UTRUST aims to take this one step further, even though it seemingly provides a lot of functionality which traditional cryptocurrency payment providers offer as well.

Under the hood

The way UTRUST works is relatively simple to explain: it provides one payment system capable of supporting multiple currencies. Anyone who has ever worked with CoinPayments will have a basic idea of how such solutions operate in the real world. Moreover, UTRUST ensures every payment is instantly converted to fiat currency. This is on par with how most cryptocurrency payment processors work already.

Protecting merchants from cryptocurrency volatility is not an easy feat. All crypto markets are notoriously volatile in nature, yet it seems there is little that can be done about it. Protection from market fluctuations will be accessed by ensuring users receive the exact asking price for products and services at all times. Again, that’s pretty similar to how most cryptocurrency payment processors work right now.

What does set this venture apart, though, is the focus on buyer protection. After all, buyers risk sending money to a fraudulent merchant. As such, the UTRUST ecosystem will act as a mediator to ensure the money returns to the rightful owner. All purchases are protected from payment to delivery, which is a very positive aspect. It is evident this requires a lot of trust in UTRUST, as it is the escrow party presiding over every transaction.

The UTRUST Token Explained

As is always the case with any new project, there is a native token to contend with. In the case of the UTRUST token, it can be used to receive instant discounts from participating merchants and improve buyers’ purchasing power. There is no requirement for participating merchants to opt in to the UTRUST token, although doing so will bring some more visibility to their businesses. What’s more, making a purchase using the UTRUST checkout with the native UTK token eliminates all transaction fees.

The Road Ahead

As of right now, the UTRUST team is in the process of testing the platform API for merchants. Additionally, we will see a streamlined integration with merchant checkout mechanisms in early Q2 of this year. The minimum viable product will be showcased on April 19, which will mark a major milestone for the UTRUST team. Later this year, we should see a web wallet app, native apps for iOS and Android, and support for over 200 merchants.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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JP Buntinx
Tags: Payment ProcessingUTKUTRUST

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