Cryptocurrency payment service, UTRUST, revealed that it had secured a strategic partnership with Ethereum’s Classic development team. According to the MoU, the UTRUST will collaborate closely with ETC Dev to incorporate ETC payments into UTRUST’s payment platform.
The announcement of this strategic partnership between UTRUST and, ETC Dev comes in an excellent time where ETC interest is rising. The recent ETC integration by Coinbase is one of the reasons behind this remarkable rise in demand for ETC. Additionally, last year in 2017, Grayscale Investments, which is the two-billion-dollar investment department of the Digital Currency Group, created the Ethereum Classic Investment Trust, allowing qualified and regulated firms in the American market to start investing in ETH Classic.
The result is that merchants are now able to conveniently accept ETC payments as one of the alternative modes of payment to FIAT currencies. Also, clients can utilize this payment method safely knowing that ETC use will not be regarded as a way of distributing securities illegally.
According to UTRUST CEO, Nuno Correia, Ethereum Classic has an unmatchable feature as compared to other cryptocurrencies, which is the fact that it has a clear demand in the financial sector. Even though blockchain pay solutions have disrupted financial transfers and transactions, Correia remarked that the vision of UTRUST was adding the essential consumer protection layer, and also low fees and instantaneous sales for those who are eager to use Ethereum Classic to make their payments.
How It Will Work
UTRUST will act as the mediating third-party firm and hold the funds, where necessary until sellers deliver the required service or product. Also, the firm helps to protect sellers and buyers from crypto market volatility as it converts crypto coins to stable coins or fiat currencies.
The payment provider also allows seamless dispute resolutions that may arise between sellers and buyers. In instances where the parties do not reach an amicable agreement, UTRUST will step in immediately. The company will strive to uphold its transaction standards similar to those used in conventional payment solutions like VISA, Adyn, PayPal, and Klarna.
The UTRUST firm will only allow high performing cryptocurrencies with a robust infrastructure and proven track record onto its platform to further complement its services. Only coins that have a real demand and active developer communities will be allowed here.
The reason for requiring strong fundamentals for all cryptocurrencies included within the UTRUST environment of clients and merchants is to actively push towards the adoption of crypto coins by the masses. For most merchants, having the ability to depend on virtual assets that have a strong market demand and are free from any compliance- or regulation-related problems is critical.