Most online users have been burnt by PayPal or another digital payment system at one time or another. Perhaps you’ve tried to withdraw money someone has sent to you, only to find that you’ve been blocked from that service. Or maybe you’ve tried to receive money, only to discover that the fees can be pretty steep once you start using other services. And, the greatest sin of all – PayPal doesn’t accept cryptocurrencies.
UTRUST, the first-of-its-kind Blockchain based payment platform, intends to bring the best parts of PayPal-type services and the best parts of the cryptocurrency world together into a single, seamless platform.
Blockchain solutions limited
The cryptocurrency world has virtually exploded in the past six months. Just ask someone who purchased Bitcoin in January at $800, only to find their investment worth a stunning $6,000 just last month. And yet the growth of the industry has outstripped the functionality.
For example, payments between individuals are still quite simple, but the reality of making real-time business to consumer (B2C) transactions has been extremely difficult.
A number of problems lie at the root of the dysfunctionality. First, the daily price for the majority of cryptocurrencies is extremely volatile. The volatility frightens would-be merchant users who find themselves unable to cope with the potential for a huge and sudden loss right after a transaction completes.
What’s more, the sheer number of cryptocurrencies available for use has left most merchants scratching their heads at the level of tech needed to really enter the market. And to top it all off, transactions are irreversible, making all sales final and returns hugely risky for both parties. Buyer protection is moot, and seller protection is as well.
Crypto + PayPal = Awesome
Of course, these two opposite systems (crypto and traditional) refuse to work together, and so only serve to highlight the inherent weaknesses in both. However, UTRUST, a Blockchain-based startup, has conceived of a system that would unite these two systems into a single protective platform.
On the buyer side, UTRUST is offering complete buyer protection, not unlike the PayPal marketplace. By providing protection, buyers can purchase without the customary crypto-risk, bringing more buyers into the crypto world. And by accepting a wide swath of various cryptocurrencies, UTRUST has taken the guesswork out of wallet and coin swaps letting buyers focus on what they do best – buying.
Likewise for sellers, UTRUST has created a platform that eliminates volatility issues by moving the crypto payment into fiat currency at the moment of the transaction. Merchants can be completely shielded from volatility and because UTRUST is truly peer-to-peer, fees are substantially reduced. Per Nuno Correia, the company CEO:
‘’UTRUST is the first cryptocurrency payment solution in the world that provides buyers with a purchase protection. The next-gen version of PayPal is Blockchain-based and designed to make online payments safer, faster and cheaper.’’
Hoist by their own petard
As Hamlet made clear so many times, the very thing that makes you successful becomes your undoing. This will likely be the case with PayPal. While their functionality was unique in the early days the changing economic world has moved toward new and better platforms.
By thoroughly eliminating risk factors for both buyer and seller while still opening the door for cryptocurrency payment structures, UTRUST aims to solve the issues that plague both platforms. A comprehensive explanation of their platform can be found here.
The UTRUST token ICO starts Nov. 2 at 2 p.m. (UTC). The ingenious platform has brought investors to the table already and UTRUST has completely sold out the private investor and pre-ICO sales, raising $3.5 mln. The coming public sale represents 70 percent of the token supply.
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