A Swedish company wants to make crypto online transactions as simple and as safe as using PayPal. But can such a feat be accomplished in such a volatile marketplace?
Crypto Online Transactions
The cryptocurrency market is still considered to be in its infancy, and many skeptics believe that, as a currency, it is hard to spend it day-to-day.
Proof of this issue is that only 2% of online retailers accept crypto despite the increase in adoption for traders and businesses alike.
Fear remains surrounding the volatile nature of a crypto’s price.
Enter UTRUST
But UTRUST is on the case. The company wants to make crypto online transactions and crypto point-of-sales a part of the norm. Its system will include a “conflict mitigation system, chargeback protection, and a proprietary cryptocurrency which increases purchasing power within the platform.”
UTRUST and Gambio
The company has signed a partnership with Germany’s Gambio.de.
Gambio is an e-commerce solution provider with over 25,000 online stores. These stores power 30% of e-commerce revenue in Germany, so this puts UTRUST in a very good starting position.
Making partnerships like this one means that thousands of merchants will be able to accept cryptocurrencies in a simplified and casual way.
>> Coinbase Japan: Exec Says Crypto Crackdown in Country in a Good Thing
Merchants will receive fiat currencies in their bank accounts, and the goal is to be up and running in the short-term:
“In three years, you will be able to pay online [with cryptocurrencies] at major vendors. This will come offline in another five years,” said Filipe Castro, UTRUST’s Chief Information Officer, and co-founder.
Vendor Verses Buyer
The system also provides the added benefit of refunds paid in crypto in case of a dispute. UTURST arbiters will be able to mediate any potential disputes between buyer and seller.
The company differentiates itself as “the first cryptocurrency payment solution to offer instant transactions, buyer protection, and crypto-to-cash settlements.”
UTRUST has the potential to offer the much-needed piece of mind in this volatile marketplace.
Will we see online crypto transactions become normalized? Can UTRUST become the “PayPal of Crypto” in the not too distant future? What do you think?
Featured Image: Depositphotos/© 360ber
