Creating simplicity for digital currency usage, a startup company that is based in Switzerland is already assembling efforts to make cryptocurrenciy usage for online transaction as safe and easy as using PayPal.
Known as UTRUST, the company intends using its API to enhance crypto acceptance across the world at online and point-of-sale (PoS). The tool made available by the startup will also include a chargeback protection system, conflict mitigation system and a registered Cryptocurrency which speeds up purchasing power within the platform.
With the introduction of the new development, the “hard to spend glitch” tagged around cryptocurrency may soon be disappearing. Truly, even though there has been increase in the total value of Bitcoin usage for transactions on merchant services from $9.8 million in 2013 to $190.2 million in 2017 according to CNBC, the market is still struggling for find a firm base around the world.
Similarly, it has been evident, according to Bank of Netherlands in February that despite the huge interest in cryptocurrency, only about two percent of online retailers accept it.
UTRUST will be kick starting its mission to help retailers across the world with crypto usage by launching its business in Europe.
The partnerships which UTRUST has been able to sign with companies across Europe signals the startup’s momentum for its aim. Initiating a good premise in Germany, UTRUST collaborated with an e-commerce solution provider in the country which has over 25,000 online stores, Gambio.de.
Gambio.de has been found to be responsible for close to 30 percent Germany e-commerce revenue. UTRUST stated that the partnerships will give thousands of merchants the option of receiving cryptocurrencies in a simplified way, while they also receive fiat.
UTRUST believes that with the latest move which will see large amount of merchants opting in for cryptocurrency use, a strong awaits it in the upcoming crypto economy. As the tide of Cryptocurrency rises in the space, the company is dedicated to assisting businesses toe along.
UTRUST customers will now be given the advantage of using digital wallets which grant zero fee transactions.
The Chief Information Officer (CIO) at UTRUST, Filipe Castro who is also the co-founder of Cointelegraph said the usage of Cryptocurrency, in years to come will be almost everywhere.
“In three years, you will be able to pay online [with cryptocurrencies] at major vendors. This will come offline in another five years.”
“I am a strong believer that in the future, in ten years, you will have state–issued cryptocurrencies from major economies”, Castro stated.
While UTRUST protocol is designed with an in-built dispute resolution mechanism, in cases where there is disagreement between buyer and the seller without refund or fund release within 30 days, UTRUST arbiters may interfere as a mediator.
Even though the likes of Coinbase, BitPay and others have risen to the task of filling the void between crypto and traditional vendors, UTRUST stands as a different entity, claiming to be “the first cryptocurrency payment solution to offer instant transactions, buyer protection, and crypto-to-cash settlements.”
While the volatility of the market remains an issue for both merchants and users, bringing peace to their mind will be a ground breaking development.
Amongst the core value of UTRUST, protection for both buyers and sellers is a profound one. Beyond becoming the PayPal of digital currency, UTRUST extends its users protection services past physical goods alone to services.
Sanja Kon, the lead Marketplaces and Large Enterprise Partnerships at UK’s PayPal who is also an erstwhile head officer of European partnerships at eBay was announced to have joined UTRUST, and it is believed that he will be a mover and shaker for UTRUST’s e-commerce.
UTRUST hopes that the introduction of Kon, alongside the 1% merchant fees would feature a big milestone for the company.
Apart from being funded with $21.3 million worth crypto in 2017, the company’s potency has been outstanding in the space.
UTRUST believes that with its one percent merchant fees, dispute resolution system and an easy to use interface, the pathway to success in making merchants and customers accepts crypto for use is clearer.