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Utrust ($UTK) – The Platform That Enables You to Easily Pay for Goods With Crypto

Utrust ($UTK) - The Platform That Enables You to Easily Pay for Goods With Crypto

In this article, we will take a look at Utrust, a blockchain-based payment platform that enables buyers to pay in crypto for various goods and services and for merchants to get paid in fiat currencies. So it is a crypto-to-fiat payment system that ensures fast and cheap transactions while offering buyers an option for refunds and protecting sellers from the high volatility of the crypto market.

What Is Utrust?

Conventional payment systems are becoming more and more outdated, and cryptocurrencies are still barely used as a payment method, hence the need for a payment platform to address these issues and combine the best of both worlds. 

Here is where Utrust comes into play. Founded by Nuno Correia and Roberto Machado in August of 2017, the platform was designed to solve the above-mentioned issues and enable fast crypto transactions at lower fees. It was built for personal and business use.

Sometimes referred to as the PayPal of the crypto space, the Utrust platform makes it possible for merchants to accept multiple cryptocurrencies from buyers while receiving their funds in fiat currency.

The way it works is pretty simple as the buyer chooses the cryptocurrency they want to pay in, such as BTC and ETH, and the sellers have the option to accept the fiat currency of their choice for payments, such as USD, EUR, or GBP. In order to protect sellers from market volatility, funds are immediately converted into fiat currency whenever customers pay in cryptocurrency.

The seller then receives the payment, having the option to withdraw it to their bank account, store it in their wallet, or convert it into another cryptocurrency. The Utrust platform supports various digital currencies and its native token, $UTK. 

Buyers can make purchases securely and even benefit from a refund option. Then, the fees are some of the lowest in the industry, namely, 1% of the transaction.

The Utrust transaction process is not only cheaper but also faster than most traditional payment systems, such as PayPal and SWIFT. Moreover, it is integrated with most major crypto wallets, and it combines the transparency and speed of blockchain with a user-friendly experience.

 

Utrust Team 

Nuno Correia is a co-founder of Utrust, as well as a chairman of its board of directors, having extensive experience in the crypto space. Roberto Machado is also a co-founder and a board member, having worked with international companies such as AT&T and Uphold. Filipe Castro is a co-founder and the COO of Utrust. He has a computer science degree and experience in software development. 

Sanja Kon is the CEO of Utrust, and it is enough to take a look at her background to understand why Nuno Correia decided to switch the CEO place with her. Kon worked as the Head of Marketplaces and Large Enterprises at PayPal and as the European Partner of Development at eBay. 

Her understanding of the eCommerce ecosystem and how to handle merchant partners have already triggered new notable partnerships. The team members and their experience and knowledge thus place Utrust in a very strategic position in terms of crypto payment adoption.

 

Utrust’s Competitors

Now, many new or relatively new projects claim to deliver unique benefits. While Utrust provides an easy-to-use, fast, and cheap cryptocurrency payment platform for its users, it is not alone in this sector. 

The project’s competitors include BitPay, Bitcoin Commerce, BitGo, CoinPayments, and Bitfinex (more precisely, Bitfinex Pay), to name a few. Plus, many see it as PayPal’s direct competitor. 

One thing that makes Utrust stand out, though, is its low transaction fee, which is 1% of the transaction. Traditional payment systems, such as PayPal, charge a 3% to 11% fee, while older crypto payment platforms such as BitPay have a 3% fee. Moreover, if you pay in UTK, there is no extra fee charged. So, Utrust charges the lowest fee within and outside crypto, which is a huge advantage. 

Then, the chances of fraud with traditional payments are high, especially because of chargebacks. With Utrust, transactions are recorded on the blockchain, which eliminates the possibility of fraud from buyers, chargebacks, and other financial losses that may arise from failed transactions. Plus, any transaction that fails is refunded on-chain.

Also, Utrust uses performance-based ratings to ensure buyers transact with reputable sellers and thus reduce purchase risk.

Another area where Utrust scores big is speed. Payments are fast, actually the fastest when compared to both traditional payments and old digital payments. That’s possible due to the technology used by Utrust. 

What’s more, when using Utrust, you don’t have to share your sensitive financial information (such as credit card numbers), and you can pay directly from your decentralized wallet. 

 

Utrust – Recent & Upcoming Events 

It’s enough to take a look at the partnerships Utrust entered to see that the project has gained traction and has become one of the go-to options for many web stores. Utrust has already onboarded several businesses such as Travala.com, Phone House, and Alternative Airlines. It arrived at WordPress with its WooCommerce plugin, thus serving millions of web stores, partnered with Payrexx, and launched a custom payment app for Shopify, to name just a few.

Besides that, it has also built a strong community along the way, having 80k followers only on Twitter. We’re still waiting for the team to update the roadmap, but from what is known so far, functionality for UTK to other crypto conversions and HOLD app improvements are currently under development.

 

Conclusions 

Utrust has put together the best of traditional payments and the advantages of cryptocurrencies and blockchain technology. 

Considering the increasing adoption of cryptocurrencies but also their volatility, which has often made merchants reluctant towards crypto payments, Utrust has come up with a solution that ensures buyer protection through a refund option, seller protection against market volatility, low fees, fast and secure payments, and a user-friendly experience. The fact that so many web shops have integrated Utrust says it all. 

What do you think about Utrust? Could it be a serious competitor for BitPay or even an industry giant like PayPal? Let us know your thoughts on this in the comments section.

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