Utrust (UTK) is a blockchain-based payment platform that integrates traditional payment system aspects with the benefits of cryptocurrency. It allows customers to purchase digital or physical goods using their preferred cryptocurrency or token, providing a consumer protection scheme where funds are held in trust until the transaction is completed. The platform accepts various digital currencies and has its own native token, UTK, which runs on the Ethereum blockchain. Users who pay with UTK avoid exchange rate fees, and each transaction burns a portion of the UTK crypto, reducing the circulating supply. Utrust aims to be user-friendly, combining the best of blockchain and traditional finance to safeguard both buyers and sellers from market volatility.
Utrust (UTK) is a blockchain-based cryptocurrency that integrates traditional payment system aspects with the benefits of cryptocurrency. It provides a payment solution that benefits both customers and businesses. Here's how it is used:
Payment MethodUtrust allows users to purchase digital or physical goods using their preferred cryptocurrency or token. It supports a variety of digital currencies, including Bitcoin, Ethereum, Dash, and more. Users can make payments without needing to register or sign up, and transactions are instant with low fees.
Consumer ProtectionThe platform provides a consumer protection scheme where funds are held in trust until the transaction is completed. This ensures that buyers are protected in case of any issues with their purchases.
Merchant BenefitsUtrust helps merchants by allowing them to accept cryptocurrency payments easily. It processes all payments on-chain, making it easy for merchants to manage and track transactions. Additionally, Utrust helps prevent fraud and charge-backs, making it a more secure option for businesses.
TokenomicsThe Utrust token (UTK) is an ERC20 token that runs on the Ethereum blockchain. Using UTK for transactions avoids exchange rate fees, and every transaction burns a portion of the UTK crypto, reducing the circulating supply. This incentivizes users to use UTK and supports the platform's growth.
Wallet and AppUtrust has its own native wallet, available on both iOS and Android, which supports on- and off-chain payments. The HOLD app, launched in late 2020, is also integrated with Utrust, allowing users to manage their UTK tokens and make transactions seamlessly.
Overall, Utrust aims to democratize payments by providing a frictionless online shopping experience for consumers and a secure, cost-effective payment solution for merchants.
You can store Utrust (UTK) tokens in several types of wallets:
- xPortal App: This app supports UTK tokens along with other ESDT tokens.
- MultiversX Wallet: This wallet is also compatible with UTK tokens and other ESDT tokens.
- Utrust Wallet: This wallet, available on both iOS and Android, allows users to store UTK tokens and conduct transactions.
- Atomic Wallet: This wallet supports UTK tokens, Ethereum, XRP, Litecoin, and over 1,000 other coins and tokens. It is available for both desktop and mobile devices and offers private and secure management of your funds.
- Other ESDT-Supported Wallets: You can also store UTK tokens in other wallets that support ESDT tokens.
- Exchange Wallets: Many exchanges, such as KuCoin and Binance, allow you to store UTK tokens in their wallets.
- Cold Storage Wallets: For added security, you can store your UTK tokens in cold storage wallets.
These options provide flexibility and security for managing your UTK tokens.
To buy Utrust (UTK) tokens, follow these steps:
Create an Account:
- Choose a reputable exchange such as Binance, KuCoin, Gate.io, or HTX Global.
- Sign up by providing necessary information, including your email address, a secure password, and complete any identity verification steps.
- Research the exchange's reputation, read user reviews, and compare different exchanges to find the most suitable one for you.
Fund Your Account:
- Use a credit card, debit card, or bank deposit to add funds to your exchange account.
- Some exchanges also offer peer-to-peer trading or third-party payment methods.
Buy Utrust (UTK):
- Navigate to the Buy & Sell section and select Utrust (UTK) as the cryptocurrency you want to purchase.
- Choose the order type that suits your needs, such as Market Order, Stop Order, Limit Order, or TWAP Order.
- Transfer UTK to Your Wallet:
- Once purchased, you can hold UTK in your exchange account or transfer it to a personal cryptocurrency wallet for additional security and passive revenue opportunities.
Remember to preview transaction details and confirm your purchase before completing the transaction.
The history of Utrust (UTK) began in October 2017, during the crypto breakout, when the network was founded by Artur Goulao, Filipe Castro, Nuno Correia, and Roberto Machado. The project aimed to make it easy for e-commerce businesses to accept cryptocurrency payments seamlessly. The UTK token was launched as an ERC-20 token on the Ethereum blockchain, with a total supply of 500 million tokens.
In 2022, Utrust was acquired by Elrond Network (now MultiversX), and the UTK 2.0 token was launched as an ESDT variant on the MultiversX network. This new token offered more utilities and benefits, and token holders could bridge their old tokens for the new variant using a convenient Bridge landing page.
Today, Utrust continues to operate as a decentralized cryptocurrency payment processor, focusing on e-commerce businesses and providing a suite of proprietary features and products. The project's goal is to drive large-scale crypto adoption by making it easy for businesses to accept cryptocurrency payments.
Utrust (UTK) is a blockchain-based digital payment platform that integrates traditional payment system aspects with the benefits of blockchain technology. It aims to provide a secure and user-friendly payment solution for both customers and businesses. Here is how it works:
Key Features- Native Token: Utrust has its own native token, UTK, which runs on the Ethereum blockchain. Users can make payments for goods and services without an exchange rate fee if they are paid in UTK.
- Tokenomics: Each time a transaction happens, a small percentage of the fees are converted into UTK and burned. This decreases the total supply of UTK, causing its value to rise. The more transactions, the higher the token value becomes.
- Transaction Initiation: Buyers look for merchants accepting cryptocurrencies. They can see if Utrust is integrated with the merchant’s payment system or use the Utrust wallet on their mobile phones to store, send, and buy products.
- Payment Fee: The buyer is charged a total payment fee that covers a 1% commission and conversion fee. This fee is used to convert cryptocurrencies into fiat currencies in real-time with the best conversion rates.
- Escrow: Once the purchase is complete, the fiat money is held in escrow. It is only released after a holding period, which is determined by the merchant’s reputation in the marketplace.
- Payment Release: If there are no disputes in the transaction, the payment is released from escrow. The seller receives the payment in fiat currency, which they can withdraw or convert to another cryptocurrency.
- Buyer Protection: Utrust offers a consumer protection scheme in which funds are held in trust until the transaction is completed, safeguarding both buyers and sellers from the consequences of market volatility.
- Instant Conversion: The platform enables real-time business-to-consumer transactions without having both parties suffer from the volatility of cryptocurrencies.
- Lower Fees: Utrust offers significantly lower fees than traditional payment rails.
- No Chargebacks: There are no chargebacks, making it more secure for merchants.
- Utrust Wallet: The Utrust wallet is available on both iOS and Android, allowing users to store, send, and buy products using UTK tokens.
- Integrations: Utrust supports plugins and integrations with all major e-commerce platforms, making it easy for businesses to integrate the payment system.
- Goal: Utrust aims to be the most user-friendly platform, combining existing payment processors and blockchain technology elements to create an ecosystem where consumers do not have to swap their currencies, and merchants can avoid dealing with cryptos and their volatility.
- Partnerships: Utrust works with companies like Pundi X, which uses XPOS technology to improve customer security.
Overall, Utrust is designed to provide a seamless and secure payment experience for both buyers and sellers, leveraging the benefits of blockchain technology to overcome the limitations of traditional payment systems.
The Utrust (UTK) token has several strengths that make it an attractive option for users and investors:
Native Token on Ethereum Blockchain: UTK is built on the Ethereum blockchain, ensuring a secure and reliable platform for transactions.
Token Burn Mechanism: A portion of the UTK token is burned with every transaction, reducing the total supply and increasing the token's performance. This mechanism incentivizes the use of UTK for transactions, as it directly benefits the token holders.
Instant Conversion and Low Fees: Utrust allows for instant conversion from crypto to fiat, and the platform offers significantly lower fees compared to traditional payment rails. This makes it an attractive option for merchants and buyers alike.
Buyer Protection: Utrust offers a buyer protection system similar to traditional payment rails, ensuring that buyers are protected in case of disputes or issues with their purchases.
No Chargebacks: Unlike traditional payment methods, Utrust does not allow chargebacks, reducing the risk for merchants and making the platform more reliable.
Multi-Blockchain Support: Utrust supports on-chain payments for multiple blockchains, making it a versatile platform for various cryptocurrency users.
Integration with E-commerce Platforms: The platform has plugins and integrations with all major e-commerce platforms, making it easy for merchants to integrate Utrust into their existing systems.
Reverse Staking: Utrust's reverse staking mechanism rewards users for using the platform, rather than just holding tokens. This incentivizes active participation and further reduces the circulating supply of UTK tokens.
These strengths position Utrust as a reliable and efficient payment platform that leverages the benefits of blockchain technology to provide a seamless experience for users.
Utrust (UTK) carries several financial risks that investors should be aware of. These include:
Market Volatility: Cryptocurrencies are known for their price fluctuations, which can result in significant losses if the market moves against an investor's position.
Regulatory Changes: Utrust operates in a rapidly evolving regulatory environment. Changes in laws or regulations could negatively impact the project's operations and token value.
Cybersecurity Threats: As a digital asset, Utrust is vulnerable to cybersecurity threats, such as hacking and data breaches, which could compromise user funds and undermine trust in the platform.
Inflation: Although Utrust integrates deflationary protocols by burning tokens, there is still a risk of inflation if the token supply increases too rapidly or if the demand for UTK decreases.
Liquidity Risks: Utrust's liquidity can be affected by various factors, including market conditions and trading volumes. Low liquidity can make it difficult to buy or sell UTK tokens quickly and at a favorable price.
Competition: Utrust operates in a competitive space, particularly with traditional payment processors like PayPal. If it fails to differentiate itself or keep up with innovations, it may struggle to attract and retain users.
- Token Supply Management: Utrust's token supply is capped at 500 million, but the distribution and management of these tokens can impact the token's value. If the token supply increases too rapidly or if a large portion of tokens are released into circulation, it could lead to inflation and negatively impact the token's value.
These financial risks highlight the importance of thorough research and due diligence before investing in Utrust (UTK) or any other cryptocurrency.
- Sanja Kon: CEO of Utrust, previously Head of Marketplaces and Large Enterprise Partnerships for PayPal in the United Kingdom.
- Nuno Correia: Co-founder and Chairman of the Board, also serving as Chief Strategy Officer (CSO). He is a serial entrepreneur and a partner of the UK-based crypto portfolio management company Obvious Capital.
- Artur Goulao: Co-founder of Utrust.
- Filipe Castro: Co-founder of Utrust.
- Roberto Machado: Co-founder of Utrust.
- Beniamin Mincu: Co-founder & CEO of MultiversX, involved in the Utrust project.
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