A swiss startup company wants to make crypto online transactions as simple and safe as using PayPal.
The company, UTRUST API, is based out of Switzerland and intends to grow online and point-of-sale (PoS) crypto acceptance worldwide. Their set of tools include a conflict mitigation system, a proprietary digital currency – which increased the power of purchasing on the platform – and a chargeback protection feature. UTRUST has their minds set on aiding global retailers in the use of crypto and has decided to launch its business in Europe.
With UTRUST, funds are held in escrow and released to the merchant according to a performance-based timeframe. Merchants can choose to receive funds in the original cryptocurrency or directly in fiat currency. Afterwards, they can withdraw them to a bank account, keep it in their wallet or convert to another cryptocurrency.
UTRUST and Gambio
The company has signed a partnership with Germany’s Gambio.de.
Gambio is an e-commerce solution provider with over 25,000 online stores. According to UTRUST, these stores power 30% of e-commerce revenue in Germany, putting UTRUST in a very good starting position.
Furthermore, UTRUST customers will have access to a proprietary digital wallet which allows zero fee transactions. The company believes that these partnerships equate to thousands of merchants being able to accept cryptocurrencies in a simplified and casual way.
“In three years, you will be able to pay online [with cryptocurrencies] at major vendors. This will come offline in another five years,” said Filipe Castro, Co-founder and Chief Information Officer at UTRUST, “I am a strong believer that in the future, in ten years, you will have state–issued cryptocurrencies from major economies”.
UTRUST’s Competitive Advantage
While companies like BitPay or Coinbase are also trying to bridge the gap between crypto and traditional vendors, UTRUST differentiates itself as “the first cryptocurrency payment solution to offer instant transactions, buyer protection, and crypto-to-cash settlements.”
UTRUST hopes to become the “PayPal of Crypto” by offering protection for both buyers and sellers, offering the added benefit of refunds paid in crypto in case of disputes. Also, while PayPal protects only physical goods, UTRUST extends its security proposition to include services too.
Recent Announcements and Achievements
UTRUST recently announced that the former eBay head of European partnerships and Head of Marketplaces and Large Enterprise Partnerships for PayPal in the U.K, Sanja Kon, has joined the company. The company believes Kon will lend much needed traditional e-commerce expertise in bridging the gap between digital and fiat currencies.
In 2017, the company successfully completed an ICO with $21.3 million in funding. The company is ahead of schedule in terms of its roadmap and anticipates a commercial launch in Q1 2019.
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Simon Chou is a B2B reporter and content manager specializing in technology and finance. He has worked with many clients in the fintech and blockchain space. He holds investment positions in bitcoin and other large-cap cryptocurrencies, and has been reporting on cryptocurrency since 2017. Currently, Simon is the content manager for a major cryptocurrency exchange @HybridBlockHQ.