Crypto Transactions come to Paypal
There is a Swiss company that wants to make payments with crypto very easy for everyone, linking the ease of use to Paypal. The few mainstream media is still against cryptos when it comes to spending as the currency is hard to spend, to buy stuff online with it. According to statistics covered by CNBC the total worth of Bitcoin spent on merchant services has increased dramatically. Going from $190.2 million in 2017 to almost $9.8 million back in 2013, however, the market is still in its early infancy. According to a study that was published in the Netherlands by a Dutch Bank back in February of 2018. In this time period, there was only around 2% of online retailers that accepted payments in cryptocurrency, even despite the increased interest in cryptocurrency.
The name of the company is UTRUST and is ready to focus on the point-of-sale that cryptocurrencies make possible worldwide. The system will also bring with it, a set of tools that will include the conflict mitigation system, a chargeback protection, and a proprietary cryptocurrency, this will increase purchasing power on the platform. The UTRUST brand is not just focused on its success in global online assistance but also the team has also planned to launch the business in Europe.
According to a report, the company has signed partnerships in Europe in order to establish and to expand. The company has a partnership with Gambio.de, which is a Germany e-commerce solutions service provider that has over 25,000 stores online for the purchasing of goods. The UTRUST platform is doing well according to the team, and the Gambio stores generate more than 30% of e-commerce revenue in Germany and therefore are in a powerful starting position for the company to grow.
The partnership with UTRUST declares that from the first day of partnership the operations will have thousands of merchants that will be able to accept cryptocurrencies in a much easier manner. The option for receiving payment in fiat currency on their bank account is also possible. The users and or customers of the UTRUST service will be able to access proprietary digital wallets which will allow zero fee confirmation transactions.
The growth of the platform will boost cryptocurrency
The company thinks that a large number of merchants will be able to offer lower fee figures in cryptocurrencies. This will give UTRUST a substantial strong market position in the growing crypto industry for the coming years.
“In three years someone will be able to pay online (with cryptocurrencies) at the major vendor. This will start to happen offline in another five years”,said Filipe Castro, the UTRUST’s Chief information officer, and co-founder.
Mr. Castro thinks that in the future, about ten years, people will be able to have state-issued cryptocurrencies from major economies around the world. The platform is also set to introduce a built-in mechanism for dispute resolutions. The UTRUST arbiters can step in, in order to mediate between buyers and sellers, if a refund is not agreed upon. Companies like Bitpay and Coinbase have been doing well to target the challenge of bringing the payment gap between cryptocurrency payments and traditional payment systems and vendors. UTUST differentiates itself as one of the first cryptocurrency payment solutions that will offer instantaneous transactions, which includes buyers protection and crypto to cash settlements.
The UTRUST platform is aiming to become a PayPal for cryptocurrencies, by offering protection to both the seller and buyer. The platform will also be ready for a dispute between buyers and sellers. Unlike PayPal the UTRUST platform will be protecting physical goods and other services as well. The UTRUST team has recently announced that the former head of the European partnerships and the head of marketplaces and Enterprise partnerships with Paypal in the U.K, Sanja Kon, has also joined the company.
The UTRUST project was successfully funded with over $21.3 million in cryptocurrency back in 2017, the project will be commercialized and launched in the Q1 of 2019. The company thinks that the dispute resolution system and one 1% merchant fees together with the simple interface will bring merchants and customers into the crypto ecosystem around the globe.
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