Even with cryptocurrencies becoming increasingly popular, widespread adoption is still lacking. Hesitant investors are part of the reason for this, but the trustless nature of cryptocurrencies can also be part of the problem. Of particular concern is the fact that there is no volatility or chargeback protection for consumers and businesses. A project called UTRUST is looking to change that and help spur wider adoption of cryptocurrencies.
UTRUST is an Interesting Cryptocurrency Payment Platform
UTRUST is the first cryptocurrency payment platform that includes buyer protection, allowing users to pay with cryptocurrencies while reducing the risk of fraud. The platform acts as a mediator for transactions and protects users by providing guaranteed buyer protection and payment coverage. The purchase is protected by UTRUST from the moment payment is made until the product or service is delivered to the consumer. Consumers have the option to choose from any major cryptocurrency for payment.
It is not only buyers that UTRUST helps. Sellers will also benefit from the platform. UTRUST’s blockchain payment system helps reduce the risk of fraudulent payments by a significant margin compared to credit and debit cards online. Its blockchain payments mean that there are no chargebacks, and stolen credit card information is not usable on the blockchain. Merchants are also cushioned from the extreme volatility inherent in cryptocurrency markets. While buyers make payments using their favorite cryptocurrencies, merchants receive payment in fiat currency. This means that UTRUST takes on the conversion work and merchants open their market to cryptocurrency users. It is a win-win situation. The fees for using the service are low and transactions occur in real time thanks to the blockchain.
Buyers make payments using their cryptocurrency of choice through UTRUST, which then immediately converts the cryptocurrency to fiat in order to protect the merchant from volatility. After this, the funds are held in a dynamic way whereby the funds are adjusted and released to the merchant based on a performance. The seller then can do whatever they would like with the funds, including transferring it to a bank account or even converting it to cryptocurrency of their own choosing.
Roadmap and ICO
UTRUST has outlined its roadmap and is currently gearing up for a pre-ICO to court initial investment starting on August 27th. It will issue its own UTRUST token which can be used by buyers and merchants alike on its platform. The team hopes that it will provide a decent return on investment to backers and contributors during the pre-ICO and ICO. Soon after the pre-ICO concludes, the ICO will begin in September. In Q2 of 2018 the team will test the merchant API, and in Q3 of 2018 they will have the client API and web wallet application out. In Q4 of 2018 they hope to have their native Android and iOS apps out, and in Q1 of 2019 they plan to continue refining and expanding the platform. In the end, this project may help bring more people into cryptocurrency by making its use cases safer.
UTRUST’s Site: https://utrust.io/
This is a sponsored article and does not necessarily reflect the opinions or views held by any employees of The Merkle. This is not investment or trading advice; always conduct your own independent research.