What is Utrust (UTK)?
Utrust (UTK) is a blockchain-based platform that combines elements from traditional payment systems with the advantages offered by cryptocurrencies. The platform allows users to purchase goods, digitally or physically, with their favorite encryption or tokens while providing a system of consumer protection in which the coins are held in escrow until the transaction is completed. In case of a conflict, the solution is resolved by Utrust.
The Utrust platform has its own Ethereum-based token, UTK. The token offers many advantages, including the system with no fees in the Utrust platform, which means that payments made with UTK are free. The token also runs on a redemption and recording program, where a portion of the revenue generated by Utrust is allocated to the token purchase which is then publicly destroyed, creating a deflationary coin.
Features of UTK
Use any major currency
Utrust allows you to pay in any major digital currency and token (ERC20). Their flexible solution allows to decide which digital assets to pay for so you can take advantage of the market conditions.
Payments are faster, cheaper, easier
Buying with confidence means cutting the transaction short. That means low fees and almost instant transactions. Checkout is as easy as scanning a QR code.
Send and request payments
Want to send some electronic money to friends or family around the world at no extra charge? Want to request money from your goods and services? They help you with Utrust invoicing solution.
How does Utrust work?
This is the basic process by which a Utrust transaction takes place:
- Buyers pay for any big crypto, taking advantage of the low conversion fees. Buyers can also use Utrust tokens with a zero transaction fee.
- Funds are converted into modern currency to protect sellers from market volatility.
- Utrust uses a dynamic retention system where they hold money and release them to sellers, adjusted based on a time frame based on performance.
- The seller receives the currency in foreign currency, which can then be withdrawn to a bank account, kept in a wallet, or transferred to another cryptocurrency.
Benefits of Utrust
Overall, the Utrust claim features make it “the safest payment platform in the world” for both buyers and sellers. Some of the advantages that Utrust claims over other payment platforms include:
The buyer’s risk of buying is lower:
Utrust covers all purchases (goods and most services), while traditional solutions like PayPal can only protect physical purchases. Cryptocurrency-based services like Bitpay don’t include anything.
Payment acceptance speed is faster:
Unlike traditional payment systems that delay payment approvals due to the high risk of fraud, Utrust approves payments immediately, making the process less complicated for both parties (buyer and seller). Obviously, Bitpay offers similar advantages, but PayPal doesn’t.
Low transaction fee:
Nobody likes to pay fees for the money they are making. Utrust charges the seller 1% of the fee for the payment received. Meanwhile, services like PayPal charge 2.9%. These fees may increase to 5% or more when calculating exchange rate charges and other hidden costs.
Accept many cryptocurrencies:
Utrust accepts the most popular cryptocurrencies on the market, including Bitcoin, Ethereum, Litecoin, Dash, Monero, and other products.
Utrust claims to leverage the power of blockchain to avoid credit card fraud. Users have complete control over their own keys and funds. Even Utrust cannot access your wallet.
Merchants will be protected from rampant credit card fraud and nasty rebates through Utrust. However, the website doesn’t go into more detail on the process.
Utrust is developed by a team of active, skilled and talented people with diverse backgrounds and experiences, combined by a passion for new technologies.
Utrust is a leading cryptocurrency payment solution designed to modernize the financial and payments industry, and solve the problems of traditional payment methods by offering instant transactions and immediate crypto-to-cash settlements for the merchant.
Utrust is driving emerging economies through an easy-to-use, secure, and accessible banking system.
You can check UTK price here.