UTRUST - Fintech Company Wants to be the PayPal For Crypto World

The cryptocurrency industry is on the verge of getting its own “PayPal,” as a company has developed a solution to help consumers and merchants complete crypto-based transactions.

The cryptocurrency industry is on the verge of getting its own “PayPal,” as a company has developed a solution to help consumers and merchants complete crypto-based transactions.

Many people are familiar with cryptocurrencies, especially Bitcoin, but few understand it enough, or are comfortable enough, to use them to make purchases or accept payments. Questions from consumers entail, “who accepts them,” while questions from merchants entail, “how do I accept them.”

The company, UTRUST, has recognized that if there was an easier way for merchants and consumers to come together to complete purchases using cryptocurrencies, more people would be more comfortable using them.

Touting itself as a revolutionary payment platform, UTRUST is enabling buyers to use the cryptocurrency of their choice to pay sellers of goods. No matter if it is a friend or a merchant, UTRUST’s is being created to process those payments.

To help fund its effort, the Fintech company is planning an ICO. In this piece, I’ll tell you more about this company and how it could be a game changer in bringing more awareness and legitimacy to the cryptocurrency space.

Crypto users get a “PayPal”

In the non-crypto world, PayPal has established itself as a payment processing leader. It built its reputation on providing a secure method for people to complete online transactions, as well as brick-and-mortar transactions.

PayPal has had a relationship with cryptocurrencies for a few years now. In 2015, it allowed its merchants to begin accepting Bitcoin. UTRUST seeks to move the cryptocurrency industry further into the mainstream by providing the platform for merchants to be able to directly accept Bitcoin and other cryptocurrencies.

Once built out, UTRUST will have a laundry list of features that mirror those of PayPal. Not only is UTRUST attempting to provide peace of mind for those who use its systems, but it also plans to offer perks typical of financial institutions to attract consumers and merchants. For example, it boasts low exchange and seller fees.

Also, in line with what consumers have come to expect from banks and payment services, UTRUST plans to have customer payment protections, a dispute resolution process, and performance-based ratings for sellers.

Potential market

The surge in ICOs has led to more people amassing some form of cryptocurrency. They are joining the legions of people who picked up Bitcoin, Ethereum and other forms of digital currency years ago, and who may be clueless as to how to spend it. Furthermore, the doomsday scenario that these currencies would plummet in value, rendering them useless, has failed to come to fruition. Instead the values have surged.

That means there is a ton of crypto out there that is just waiting to be spent by holders.

How UTRUST will work

UTRUST is using blockchain for its platform, along with payment features of current-generation fiat systems. Merchants using the UTRUST’s system will be able to receive funds from customers in fiat currency.

Its Application Programming Interface, or API, is being built for merchants so that they can accept payments directly in the form of fiat currency from people using a cryptocurrency. UTRUST chose this format to decrease the risks to merchants from accepting this currency, as well as shield them from market volatility.

In fact, the volatility that affects the value of cryptocurrencies is one of the concerns merchants have expressed about accepting cryptocurrencies. In addressing the volatility issue, UTRUST aims to also assure the amount the merchant receives for the purchase.

“And on top of that we will mitigate common risks associated to traditional payment methods, removing the possibility of chargebacks and stolen credit card fraud.” UTRUST white paper

UTRUST ICO

To bring its idea to fruition, UTRUST is planning an ICO. The pre-sale is scheduled to begin on Aug. 28. The goal is to raise $1.5 million. If that goal is met, the company anticipates holding seven funding rounds in September. Through these rounds, the company hopes to raise $50 million.

Proceeds will be used to financing development of MVP, marketing operations, merchant adoption incentives and team expansion.