Money is a store of Value, unit of account and means of payment. Anyone who drives regularly on BTC-ECHO around, knows this definition of Money. While one can argue that the Bitcoin store is already a sufficiently stable Value, to criticize the critics of the digital currency always returns to its Suitability as a means of payment. The Swiss company UTRUST is working to change this and is working on the implementation of Kryptos in the Online trading.
The lack of expertise, high fees and fluctuations in value make the acceptance of crypto-currencies for Online retailers unpopular. A happiness that ups is resourceful Start to address these problems. One of them we would like to introduce today.
The Payment service provider UTRUST from the haze of the circle of the “Crypto Valley” has ambitious goals: He wants to be the crypto-PayPal. Online-Shops that implement the UTRUST-payment system, can then also accept crypto currencies. While PayPal promises buyer protection, protects UTRUST, according to both buyers and sellers.
How to make that work, explains CEO Nuno Correira:
“UTRUST acts as a Mediator, the deduction up to the time of delivery of the product to the payment. Our platform allows for a more efficient […] solution to the conflict between buyers and sellers. If both parties do not reach such a solution, UTRUST.“
That is, in the case of conflict, UTRUST is acting as an intermediary. At first this may be in contradiction to the popular crypto-Narrative, in this case, but it is a viable solution.
Standardized payments with a variety of crypto-currencies
Admittedly, UTRUST is not the first payment service provider, which claims to create a bridge between traditional E-Commerce and crypto-currencies. In this context, we have recently reported on similar services, such as Bitwala and TenX. Nevertheless, a more careful view in the Swiss approach is worthwhile.
The exchange rate risk, for example, eliminated to Fiat UTRUST by instant conversion of crypto. Furthermore, Correira promises in a Blog Post, to ensure low transaction times. How exactly this is done, Correira open, however.
Partnership with Gambio.de
The strategic focus on the German-language online trading is based on the concluded partnership with the Gambio GmbH. The E-Commerce giant has in Germany alone, 25,000 customers. Thus, could be fitted with a substantial share of the German E-Commerce with the technical infrastructure for the acceptance of Bitcoin & co.
The Launch of its payment platform UTRUST plans reported for the first quarter of 2019.