A newly established Swiss company is working to make the use of cryptocurrencies for online dealings as uncomplicated and secure as using PayPal. The key allegation of the conventional media against cryptocurrency is that it is “a currency that is hard to spend.”
Even though, as per CNBC, the entire value of Bitcoin used up on merchant services has grown to $190.2 million in 2017, from $9.8 million in 2013, the crypto market is still in its early stages. According to a study report issued by the Bank of Netherlands in February 2018, only 2% percent of online retailers received crypto, despite “substantial” interest.
The UTRUST API is intended at online and point-of-sale crypto acceptance around the world. This collection of tools will also contain a contradiction moderation system, charge back protection, and an exclusive cryptocurrency which boosts purchasing capability within the platform. While UTRUST has their aim on helping worldwide retailers in the use of crypto, it has chosen to introduce its business in Europe.
The company has entered into vital partnerships in Europe to institute a “beachhead” for additional growth. One such joint venture is Gambio.de, a German e-commerce solution provider with greater than 25,000 online stores. According to UTRUST´s appraisals, Gambio-backed stores create about 30% of e-commerce revenue in Germany and consequently are in a powerful beginning position for UTRUST to grow across the continent.
UTRUST says these collaborations imply that from the first day of working, thousands of retailers will be able to receive cryptocurrencies in an easy way, while accepting fiat currencies in their bank accounts. Furthermore, UTRUST clients will have access to an exclusive digital wallet which permits zero fee dealings.
The company hopes, the large number of vendors will counterbalance the low use of cryptocurrency, giving UTRUST a considerable foot-hold in the oncoming crypto financial system. The firm aims to assist all businesses it intermingles with, and grow with the wave of cryptocurrencies.
Filipe Castro, UTRUST’s Chief Information Officer and co-founder said
“In three years, you will be able to pay online [with cryptocurrencies] at major vendors. This will come offline in another five years. I am a strong believer that in the future, in ten years, you will have state–issued cryptocurrencies from major economies.” And at that instance, UTRUST anticipates to be available for them “on the ground”.
UTRUST sotware also has a built-in system for difference of opinion resolution. Particularly, UTRUST mediators may step in to arbitrate between the buyer and the seller, if they don’t consent on repayment or discharge of funds in 30 days.
While numerous companies like BitPay or Coinbase are working to bridge the gap between crypto and conventional vendors, UTRUST separates itself as “the first cryptocurrency payment solution to offer instant transactions, buyer protection, and crypto-to-cash settlements.” In a marketplace which is frequently seen as too unpredictable for both vendors and clients, an offer to bring harmony of mind to both may really make a difference.
UTRUST trusts to turn out to be the “PayPal of Crypto” by offering safety for both buyers and sellers. It also gives the extra advantage of refunds paid in crypto in case of a disagreement. Also, while PayPal secures only physical merchandise, UTRUST extends its protection plan to include services, too.
UTRUST as of late declared that the past eBay head of European partnerships and Head of Marketplaces and Large Enterprise Partnerships for PayPal in the UK, Sanja Kon, has been roped by the firm. UTRUST hopes that this addition to the group will offer much required conventional e-commerce know-how in bridging the gap between digital and fiat currencies.
The company believes that the advantages mentioned above, along with 1% merchant fees, guarantees to activate a feedback cycle of additional clients bringing more vendors into cryptocurrency, and so on. UTRUST was effectively financed with $21.3 million in crypto in 2017. It is all set for commercial launch in Q1 2019.
So far, the firm says its roadmap is at the forefront of schedule. It is the confidence of the company that its dispute resolution mechanism, one percent vendor fees, and uncomplicated interface will be adequate to bring vendors and clients into the global crypto ecosystem.
