Utrust (UTK)

Posted by

The UTRUST platform’s payment processing services enables advanced buyer protection where the transaction is held until it is audited by a platform mediator.

Joke Name

Utrust = Crypto Escrow

Basic Intro

Link to the main website

Link to price/market cap

Exchange Ticker (UKT)

Coin or Token

Circulating Supply (450 Million)

Total Supply (500 Million)

Market Cap Ranking

Review

Conventional digital payment systems nowadays are becoming more and more outdated. Cryptcurrencies, while new and disruptive technology, are barely being used as a payment method when you take a look at the bigger picture. The UTRUST platform aims to combat these issues and bring the best out of the two worlds by creating a robust, secure cryptocurrency payment platform.

Crowdsale:

The UTRUST team, based out of Switzerland, managed to raise nearly $20 000 000 during the duration of their crowdsale.

Key Features:

  • Services
  • Platform
  • Token

Services

UTRUST aids buyers by minimizing scam and fraud risks associated with online payments. The platform also acts as an escrow, providing full payment protection while minimizing fees associated with transactions.

For merchants, the platform aims to target a wider, untapped client base in the face of cryptocurrency holders, all while providing the merchants with the ability to receive their payments in fiat, combating the lack of trust associated with cryptocurrency payments.

The UTRUST platform provides value to token holders by burning UTRUST tokens with each transaction, reducing the circulating supply and driving the price of the token up.

Platform:

The UTRUST platform’s payment processing services enables advanced buyer protection where the transaction is held until it is audited by a platform mediator. It also provides price-fluctuation protection by getting the best market rate and locking the transaction in, defending users from sudden market volatility. The fees associated with using the platform are also some of the lowest in the industry- 1% of the transaction.

Token:

The native UTRUST token is used to pay for products/services in the platform. Users who chose to pay with UTRUST are not charged with conversion fees. Each time a buyer uses any cryptocurrency to pay, a percentage of the transaction fee will be used to buyback UTRUST tokens, which will be subsequently burned.

Problems:

Payment processing is one of the most highly competitive sectors in the industry. Not only is UTRUST competing with platforms like Request and Monetha, but it is also competing, in the grand scheme of things, with an industry giant like PayPal. The company has no working product at this point which puts it at a significant disadvantage. Also, there were some very heavy discounts during the private sale and pre-sale which is always a red flag when it comes to ICOs.

Conclusion:

UTRUST’s future is unclear. There is no one practically well-known on the team and they’re lagging behind on development. Only time and the market will tell if there’s interest in the UTRUST platform, which definitely has some unique features for being in the boring sector of payment-processing.

Pros

  • Unique features

Cons

  • No direct backing (asset, profits, commodity)
  • High competition
  • Lacking known team