When it comes to crypto, one of the first thing people ask themselves is « can you actually pay for anything with crypto? ». Obviously the answer is yes. But the hurdles to make this possible are numerous for various reasons.
Firstly, the difficulty of settling crypto payments must be tackled. Indeed, it is not an easy task for average people to go through the regular process to send and receive cryptocurrencies. Playing with public and private keys renders this job quite annoying and stressful.
Secondly, the volatility of cryptocurrencies discourage most of people and merchants to accept them as a medium of exchange. There is nothing more frustrating than being prone to huge variable prices and having to find a way to sell them for FIAT currencies on your own in order to avoid the side effect of an emerging asset class.
Finally, the transaction speed is another concern for most people who have already used blockchain technologies.
Even though, some of them can process transactions instantaneously, for many it is not the case.
Utrust founders decided to work on a way to encompass an all-in one solution tackling individually all those issues.
Launched in 2017 after raising funds through an ICO, the platform, which allow merchants to accept cryptocurrencies as a means of payment, was brought to life with the aim of bringing cryptocurrencies mainstream.
The concept is simple. Giving business owners the possibility to get an easy alternative to traditional payment systems by connecting Utrust platform through API for digital currencies while offering the highest level of consumer protection.
Plug and play – interoperability
Business owners and merchants can accept cryptocurrencies as a means of payment with a very simple plugin that can be integrated to any ecommerce website.
There is no need to code a portal or redirect your clients to a third party’s platform. You can also accept any major cryptocurrency and ERC20 token.
The cherry on the cake is that it works with the most popular digital wallets so you are not forced to use the inbuilt wallet.
One of the keys to ensure a widely accepted payment solution are low fees. This is why Utrust decided to apply a flat rate of 1% on every transaction. Which is lower than any other traditional payment option.
UTK is the native utility token of Utrust platform that offers multiple advantages when using it:
- – No exchange rate fee when paying with UTK
- – Earn a percentage (paid in UTK) of each merchant’s revenue onboarded to the platform
- – Reverse stacking: any single trade on the platform is rewarded with 1% worth of UTK’sopen market value
- – Get refunded with UTK regardless of the currencies you initially paid with
Since its inception in 2017, Utrust has kept growing and on-boarding partners using its platform.
Benfica, PWR jewellery, Phone House, iperfumes.com, Bleu Jour, Travala… are some of the most renowned ones among many more.
As of now, only a few blockchain projects can pretend helping cryptocurrencies going mainstream. Utrust is one of these.
What they have been able to accomplish with their platform is unparalleled in the industry.
And thanks to their ambitious team and a favorable macro-economic environment for cryptocurrencies, their progress towards a global merchant-consumer adoption is on the right track to thrive.
What is next?
The latest technical improvement to Utrust ecosystem will be to find a way to return lost transactions. This is a challenge the team decided to embrace in order to improve consumer protection and increase the trust in Blockchain technologies for everyman.