By Nuno Correia CEO UTRUST

Clear Use Cases for UTRUST

Major cryptocurrencies like Bitcoin and Ethereum allow anyone to send and receive transactions within their peer-to-peer (P2P) ecosystems. Given that the cryptocurrency community is decentralized by nature, it raises the question: What is the purpose of independent tokens and blockchain networks? UTRUST was created to answer that question.

Most of the major blockchain networks operate on protocol-level tokens which were never designed to serve as replacements for traditional payment services. But, they do represent the underlying utility of blockchain technology, in the same way, that IP protocols power the internet. We believe that we can create a standalone protocol which works for both users and merchants.

How does the UTRUST platform fit into this ecosystem?

UTRUST is not a new blockchain network or just a digital currency. Instead, it is a sophisticated platform which combines the power of several blockchain networks into one ecosystem. This simplifies the cryptocurrency payment experience for users while providing a seamless integration for merchants to accept crypto into their existing systems.

Can’t merchants simply integrate Bitcoin, Ethereum (and others) directly?

Yes, of course, they can. Merchants can adopt Bitcoin and Ethereum into their daily operations. However, most have abandoned their initial efforts to bring crypto into their existing payment schemes.

Why? Looking at market dynamics and cases such as the fall out of the partnership between Japan’s most prominent point of sale (PoS) service provider Air Regi and major cryptocurrency exchange Coincheck, it has been unfeasible for merchants to accept cryptocurrency directly due to its volatility and regulatory risk. More to that, cryptocurrencies go beyond Bitcoin, which represents only a fraction of the liquid market for transaction use-cases.

Given the legal and operational costs as well as the industry-specific knowledge required to onboard cryptocurrencies, it is no surprise that more merchants have not adopted the technology. At the end of the day, companies care about reducing costs and simplifying their user experience. UTRUST can do all of this while allowing merchants to utilize the power of cryptocurrency.

I see UTRUST as a platform which simplifies cryptocurrency payments in the same way that PayPal brought digital payments worldwide. UTRUST streamlines the process for merchants while giving consumers the option to pay directly in a cryptocurrency of their choice.

At the same time, UTRUST protects both buyers and sellers in order to ensure safety and simplicity in the purchasing process, the mobile wallet can be used to pay online with multiple cryptocurrencies and confirmations are instant, but we do not eliminate the freedom of using your own wallet. We focus on what matters, providing the underlying consumer protection for the transaction so that merchants and customers focus on what they value: a simple payment experience.

Crypto Payment Issues UTRUST is Solving That Stagnated Merchant Adoption

There are five major issues stopping merchants and consumers from adopting digital assets in the past few years. Whether it is lack of buyer protection, long confirmation periods, high volatility, limits on cryptocurrency integration or poor compliance with regulations, UTRUST has addressed all of these problems. Simply put, UTRUST allows accepting crypto as seamlessly as fiat currencies.

Lack of Buyer protection:

Nowadays consumers can send cryptocurrency payments to a merchant but if the merchant does not deliver the product or service, consumers can lose their money. Currently, UTRUST is the only cryptocurrency payment solution that protects buyers on online purchases with a proprietary buyer protection system.

All major payment processors like VISA, Klarna, PayPal have buyer protection programs in place that ultimately work as an escrow service. Decentralization isn’t sufficient to convince users to embrace cryptocurrencies as a secure payment method when it comes to online purchases of goods and services, there are some aspects of centralization that have to remain.