Payments start-up UTRUST has become the latest corporate member in Crypto Valley – a blockchain and cryptocurrency technology consortium in Switzerland. With a team spanning corporate management, B2C start-ups, payments, blockchain development, law, finance, and others, UTRUST’s mission to drive mainstream cryptocurrency adoption while ensuring consumer and merchant interests, closely aligns with the strategic goals of Crypto Valley.
Crypto Valley is setting itself as the blockchain version of Silicon Valley. Based in Zug, Switzerland, the Crypto Valley Association is an independent organization with government support. The association connects with similar hubs from across the world to create a business and knowledge network to accelerate innovation in the blockchain and cryptographic technology sector.
UTRUST is a cryptocurrency payment platform that implement consumer protections on a mass scale. The company is building a global PayPal–like payments platform with extensive cryptocurrency support. The eventual goal is to provide all the benefits of fast, secure, convenient, and inexpensive cryptocurrency transactions, in tandem with cryptocurrency payment protections, which it hopes will persuade consumers to fully embrace blockchain technology en-masse.
Filipe Castro, UTRUST co-founder, said: “UTRUST is a groundbreaking payment platform that empowers buyers to pay with their favorite cryptocurrencies while providing the best consumer protection in the market. What’s unique about our product? In a nutshell, buyer protection – a unique protection mechanism in crypto payments that allowing users to pay with confidence. We minimize the risk of fraud, by acting as mediator, providing guaranteed buyer protection and payment coverage and are issuing our own UTRUST token during the ICO, which can be used in the platform, and leverage platform development itself while provide a ROI for initial backers.”
As UTRUST continues to develop its cryptocurrency backed payment ecosystem, the company has recently announced the dates for its Ethereum and Bitcoin crowdsale. The UTRUST token Pre-ICO is set to go live on August 28, 2017 and will be followed by the public ICO starting in September 2017. The company will use the collected funds to establish key industry partnerships and to develop the PayPal-like crypto-platform. The ERC20 compatible tokens are created over Ethereum protocol, and can be used as a means of payment on UTRUST payment gateway along with other cryptocurrencies. Payments made using the platform’s native tokens don’t incur any transaction fees.
One of the features of the currency is that it is designed to be a deflationary currency, with the intent of increasing the demand for UTRUST tokens over time. UTRUST will allocate a certain portion of the revenues to buyback and destroy the tokens in circulation, thereby increasing the value of existing tokens for the benefit of its investors contributing during the ICO.