The Swiss startup plans to prove that making crypto transactions is as easy as making payments through PayPal. And he promises that already in 2019, 25,000 online stores in Germany will accept cryptocurrency.
Although critics say there is nowhere to spend cryptocurrency, according to CNBC in 2017, the total value of Bitcoin spent at retail outlets was $198.2 million. And although this is 100 million more than in 2013, this market is still at the initial stage of development.
According to a study by the Central Bank of the Netherlands, published in January 2018, only 2% of online stores now accept cryptocurrency.
UTRUST will provide the ability to pay with digital money at online merchants around the world. The service's tools will also include a dispute resolution system, chargeback protection, and a native token that will increase purchasing power on the platform. UTRUST will begin operating in Europe and has already entered into a strategic partnership with the German company Gambio, which owns 25,000 online stores. According to UTRUST estimates, the Gambio chain of stores accounts for 30% of the total profits of all online retail in Germany.
From the first day of operation, the UTRUST service will allow thousands of merchants to accept cryptocurrency, receiving fiat money directly into their bank accounts. And their clients will have access to a digital wallet, with the ability to carry out transactions with zero commissions. The company is confident that its service will contribute to greater adoption of cryptocurrencies by commercial companies around the world.
“In three years, you will be able to pay wholesalers with digital money. In five years, all providers will accept cryptocurrency. And in ten years, all major economies will have their own cryptocurrency,” said Filipe Castro, chief information officer of startup UTRUST and co-founder of Cointelegraph.
The UTRUST protocol has a built-in dispute resolution mechanism. Specifically, UTRUST arbitrators will mediate disputes between buyers and sellers regarding refunds. In addition, the service provides special compensation paid in cryptocurrency in the event of a dispute..
While some companies like BitPay or Coinbase are trying to bridge the gap between crypto and traditional providers, UTRUST will be the first payment solution to offer instant transactions, buyer protection and crypto settlements.
UTRUST hopes to become as successful a service for cryptocurrencies as PayPal is for fiat, offering protection for both buyers and sellers. While PayPal only protects physical goods, UTRUST expands its security offering.
The company received $21.3 million in cryptocurrency funding in 2017 and plans to launch the service in the first quarter of 2019.
According to cointelegraph.com
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