UTRUST, found online at UTRUST.io is an online payment platform that comes with a unique purchase protection mechanism. Read our UTRUST review to get prepared for their upcoming ICO.
What Is UTRUST?
UTRUST is a payment platform that claims to empower buyers by giving them “a groundbreaking purchase protection mechanism.”
The company is currently preparing for its ICO. The pre-ICO starts on August 28, with the ICO taking place later in September.
As a buyer, UTRUST minimizes the risk of scams and frauds by providing a full payment protection service while acting as a third party mediator. Your purchase is protected from the moment you pay until the delivery.
As a seller, UTRUST provides benefits through its low fees and real time transactions. Users can “say goodbye to nasty chargebacks, credit card fraud and hacked account payments”, explains the UTRUST.io official website.
UTRUST also allows buyers and sellers to use multiple cryptocurrencies at once. Plus, as a seller, you have the opportunity to accept all payments in the form of fiat currency, helping you stay protected from market place fluctuations.
Ultimately, UTRUST aims to compete with services like PayPal (which charges ridiculously high fees of 5% or more) and Bitpay (which has limited protection mechanisms for buyers and sellers). In comparison, UTRUST charges fees of just 1% to sellers.
How Does UTRUST Work?
Here’s the basic process through which a UTRUST transaction will take place:
- The buyer pays with any major cryptocurrency, taking advantage of low conversion fees. Buyers can also use a UTRUST token with zero conversion fees.
- The funds are immediately converted to fiat currency in order to protect the seller from market volatility.
- UTRUST uses a dynamic holding system where they hold the funds and release them to a seller, adjusted on a performance-based timeframe.
- The seller receives the amount in fiat currency, then can withdraw to a bank account, keep it in a wallet, or convert it to another cryptocurrency.
UTRUST Features And Benefits
Overall, UTRUST’s features claim to make it “the safest payment platform in the world” for both buyers and sellers. Some of the advantages UTRUST claims to have over other payment platforms include:
Lower Buyer Purchase Risk:
UTRUST covers all purchases (goods and most services), while traditional solutions like PayPal can only protect the purchase of physical goods. Cryptocurrency-based services like Bitpay don’t cover anything at all.
Faster Payment Approval Speed:
Unlike traditional payment systems that delay the approval of payments due to the high risk of fraud (not to mention requiring the submission of countless documents), UTRUST approves payments immediately, making the process hassle-free for both parties (the buyer and seller). Obviously, Bitpay offers similar advantages but PayPal does not.
Low Exchange Fees:
Nobody likes paying fees on money they’re making. UTRUST charges sellers a flat 1% fee on received payments. Meanwhile, services like PayPal charge fees of 2.9%. Those fees can rise to 5% or higher when accounting for exchange rate fees and other hidden charges.
Multiple Cryptocurrencies Accepted:
UTRUST accepts the most popular cryptocurrencies on the market, including bitcoin, Ethereum, Litecoin, Dash, Monero, and others. Bitpay, on the other hand, only accepts bitcoin, and PayPal doesn’t touch cryptocurrencies at all.
UTRUST claims to leverage the power of blockchain to avoid credit card fraud. Users have full control over their own private keys and funds. Not even UTRUST can access your wallet. Meanwhile, services like PayPal are notorious for locking your funds, and they have a poor track record of keeping users’ funds safe.
Sellers will be protected from rampant credit card fraud and nasty chargebacks through UTRUST. However, the website doesn’t go into much further detail about this process.
Customer Payment Protection:
Customers’ payments are protected through a fast, self-mediated two-party resolution system, and an advanced 3-party resolution dispute mechanism if the first isn’t successful. This allows parties to chat in real-time guided by a UTRUST resolution mediator. In comparison, PayPal can take several months to solve a dispute.
Seller Performance-based Rating:
UTRUST implements a performance-based analytics algorithm to evaluate the performance of sellers. The idea behind this is that a transparent and honest seller should rise to the top, while low-quality sellers will disappear. Furthermore, top sellers will see their hold times virtually disappear, while low-quality sellers will see increased hold times.
UTRUST encourages customers to compare it to popular payment processing platforms like PayPal and Bitpay. They go into further detail about their comparison on their site.
The UTRUST Token
UTRUST’s token, UTK, is a cryptocurrency designed for the UTRUST ecosystem. You can buy, sell, send, and receive UTK in the platform. You can convert it to fiat and other cryptocurrencies or keep it in your wallet to see its value grow with the platform.
Transactions that use the UTRUST token will be converted internally and benefit from zero exchange fees.
The UTK pre-ICO is scheduled for August 28 at 4pm GMT. A total of 1 billion UTK tokens will be released. They’re ERC20-compliant tokens based on Ethereum. You can purchase the tokens using BTC or ETH.
The public ICO will take place later in September, although UTRUST has not yet revealed a date. Purchase bonuses are available throughout the sale.
Who’s Behind UTRUST?
UTRUST is led by CEO Nuno Correia, CIO Filipe Castro, CTO Artur Goulao, and CPO Roberto Machado. Correia is an early cryptocurrency investor who has been involved in the markets since early 2011 and has successfully co-founded several B2C ventures.
UTRUST aims to disrupt the online payment industry by offering a safe, secure payment service with low fees (1% for sellers) and payment protection and dispute resolution mechanisms in place. It aims to compete with alternative services like PayPal (which charges fees as high as 5%) and Bitpay (which have limited protections for buyers and sellers).
Learn more about UTRUST by visiting the organization online today at UTRUST.io.