Every blockchain project has its own functions and objectives. This includes UTRUST, which aims to unleash a revolution in payment services with its innovative platform. The traditional payment method PayPal is well known and is often used for online purchases. They guarantee a high level of security (especially for the buyers).
However, PayPal can only be used to buy and sell goods. UTRUST offers the special possibility to also pay for services with their currency. In this way, the company offers a very high buyer protection and creates trust between buyer and seller. In this article we explain exactly what UTRUST is and how this project works!
What is UTRUST?
UTRUST is a very easy-to-use blockchain platform that allows you to buy goods and services with the project’s cryptocurrency. What is interesting here is that the buyer can also simply receive fiat money (euros, dollars or pounds). This distinguishes UTRUST sufficiently from the other crypto projects in the field of payment transactions.
UTRUST is an environment where users don’t necessarily have to exchange coins now. It is actually a system where sellers in turn are no longer obliged to only receive cryptocurrencies. The project therefore allows both buyers and seller to decide for themselves how and with what they want to handle payments.
In addition, it is important to mention that this system also integrates with merchant websites. This allows webshop visitors to also pay for their products by paying with cryptocurrencies. Later in this article we will tell you more about the possibilities of UTRUST in combination with WooCommerce.
The project’s consumer protection program employs a centralized system that allows for a high level of security. Thus, the money is held until the buyer has received the service or item. When that is the case, the money will only be sent to the rightful recipient. So this is basically an escrow application that they have implemented in the system. Such an application functions on the basis of smart contracts . It ensures that both buyers and sellers can complete online purchases without a doubt.
UTRUST uses a special conversion system to protect itself against the many fluctuations in the crypto market. The usefulness of such a system lies in the fact that it is usually possible to convert cryptocurrencies into FIAT. To better protect sellers from volatility, the amount is locked at the time of purchase and the value is checked after the conversion is complete.
The UTRUST . team
The team behind UTRUST consists of selected software engineers and design experts. Each of the 30 members is a specialist in his or her field and is passionate about the project. Experienced advisors support the project in the areas of cryptocurrency, cybersecurity, venture capital and banking.
Before investing in a crypto project, it is of course important to know who is on the team. It gives you a bit of security when they have experience at large companies. These are the key UTRUST team members:
- Nuno Correia (CEO of UTRUST). Nuno is a former investor in the crypto industry. He has been working in this field since early 2011 and has been able to specialize since then. His background in law and marketing makes him a perfect fit for this company. His passion lies in the transformative future and digital payments.
- Filipe Castro (CIO of UTRUST). He had an early career in software solutions development. This mainly included electronic payment systems. Today he only deals with business development and strategic development of various companies.
- Artur Goulao (CTO of UTRUST). He was previously CTO at a leading digital payment platform company. It is an expert in the development of means of payment, which are based on a software. He has gained his experience within both the traditional field and the field of blockchain technology.
Partners of UTRUST
Partnerships are crucial to ensure the implementation of such a system, especially when there are so many competitors lurking. UTRUST understands this. According to sources, the company has entered into a partnership with the German Gambio.de. This is an e-commerce solution provider that already operates more than 25,000 online stores. Yet much more is needed for the UTRUST project to succeed.
UTRUST aims to become the global leader for online cryptocurrency payments. They have a big vision ahead of them, and will have to do a lot to make it happen. In order to achieve that, they will have to form a lot more partnerships, so that they will have a much greater influence in handling online payments.
Especially now that PayPal has announced in 2020 to also support Bitcoin payments, UTRUST will have to do its best to be used more often for online crypto payments. More systems are expected to allow crypto payments in the future, so if UTRUST is not far ahead, they could easily be overtaken by other payment systems.
Using UTRUST with WooCommerce
It is possible to use the UTRUST plugin for WooCommerce webshops. For example, owners of webshops can easily let their customers pay with, for example, Bitcoin, without being bothered by the high volatility of this crypto currency. Currently, more than 35% of all our webshops are powered by WordPress. 22% of the top 1 million ecommerce websites use WooCommerce.
By eliminating an intermediary, the plug-in impresses with particularly low rates. With a guaranteed commission of 1%, this is 80% below the usual amount. Within minutes, regardless of the operator’s location, the money is transferred to the bank account. As the name of the project implies, UTRUST will guarantee complete safety.
The token of UTRUST (UTK)
The project’s token is called UTK and is an ERC20 token and thus is based on the Ethereum blockchain . This offers the project the opportunity to become self-sufficient. Its main role is to reduce the cost of using the platform, even if it happens regularly.
That is why the UTK token can also be compared with, for example, the Binance Coin ( BNB ), which is used by the Binance platform. The platform has developed this token so that its users can transact on the Binance platform for a low price. That is exactly the idea behind the UTRUST token. The team knows that no one likes to pay high transaction fees.
Is it actually necessary to develop your own token, if you are actually directing people to pay as much as possible with cryptocurrencies? It would perhaps be much better if you also direct people to use other cryptocurrencies and tokens. There are many people who fall for this, and therefore also criticized UTRUST’s project.
What are UTRUST coins used for?
It is clear that UTRUST offers a solution for buyers and sellers who do not want to pay or receive in the same currency. For example, someone may want to pay with Bitcoin, while the seller prefers to receive euros. UTRUST coins are used to solve this problem.
Unlike payment methods used in the past, UTRUST does not involve lengthy transaction checks. Therefore, payments can be made immediately and no long waiting time is required. The costs for buyers and sellers are kept very low with UTRUST, making the coin very user-friendly. Sellers must pay a flat rate of 1% of the cash value on each receipt. Compared to other providers, who can charge up to 5%, this offer is very favorable.
The advantages for buyers are mainly that the risk of fraud is very small. UTRUST offers full payment protection and mediates between the parties. Sellers primarily benefit from the low fees they have to pay for their sales. Credit card fraudsters who request refunds also have few opportunities in this system. The seller can accept multiple cryptocurrencies and always receives the amount converted into a specific currency.
The main purpose of UTRUST’s platform is to provide adequate consumer protection. Especially at a time when fraud and manipulation are becoming more common, it is important to build trust. Many people take the security of online purchases for granted, which is not the case.
How can I save UTK?
Since UTK is an ERC20 token, you can easily store it in both a software wallet and a hardware wallet . Almost all wallets support the ERC20 protocol, as this is the protocol used by Ethereum. Thus, all tokens running on the Ethereum blockchain are almost always an ERC20 token.
The safest way to store UTK is to store it in a hardware wallet. You can disconnect the wallet from the internet, so that the tokens and coins on the hardware wallet are protected against hackers. It is much easier for hackers to attack a software wallet, which is always connected to the internet, and steal coins from it.
ICO of UTRUST
Zug (Switzerland)-based UTRUST has raised $21.3 million to launch its mobile payment solution. This is of course an extremely large amount of money with which they can further develop their project. However, it remains to be seen whether this amount of money is enough to successfully complete the project.
Developing payment apps is critical as many crypto supporters complain that they are difficult to use. Of course, there are many people who only use cryptocurrencies to make money. They first buy the coins from Binance or Bitvavo , for example, and then sell them for a profit in the future.
However, there are also more and more people who want to use cryptocurrencies to pay with it. These people see the many advantages that paying with crypto coins offers, and are eager to take advantage of them. UTRUST wants to offer these people a solution, and is therefore continuously looking for new products to be able to offer that solution.
The UTRUST Payment App
The payment solution developed by UTRUST is innovative in many ways. One of its key features is the ability to instantly convert funds into fiat currency (eg Euros). This means that a seller who does not want to be bothered by the volatility of cryptocurrencies and tokens can choose to only receive euros in his account, but at the same time he can still receive payments in the form of crypto coins. This ensures that he can appeal to a much wider target group with his webshop.
At the moment there are only a few cryptocurrencies that are accepted in the UTRUST app. However, this number is growing, so it is best to keep an eye on UTRUST’s website to see which crypto coins are currently supported.
In addition, UTRUST also offers various solutions for the protection of buyers and sellers, as we mentioned earlier in this article. UTRUST is eager to become the PayPal of crypto payments. Therefore, they will also have to follow the example of PayPal, regarding the functionalities it offers, outside of receiving and making payments alone. They also take the transaction costs into account, as they are a lot lower than with PayPal.
Where can I buy UTK?
You can buy UTK on various crypto exchanges. We recommend that you do this with Binance or Bittrex, given the high volatility of these platforms. You are then sure that you can buy or sell UTK at all times. That’s something you can’t be sure of with small exchanges.
Of course, it is also possible to buy UTK from decentralized exchanges (DEXs) such as Uniswap , Sushiswap , and Pancakeswap . However, keep in mind that it is a lot more difficult to buy UTK from these platforms.
UTRUST offers sellers and buyers a very good alternative to traditional payment services. Users of UTRUST can complete payments by using cryptocurrencies without the recipient having to actually accept the cryptocurrency. The value of the crypto currency is directly converted into fiat currency, which means that UTRUST appeals to an extremely wide audience. However, the question is whether they will succeed in becoming the largest payment service in the world, now that PayPal has also decided to be able to handle payments with Bitcoin.
Thanh Lanh Tran(1989) is Chief Editor from BitcoinUSD.com