Cryptocurrency is not used exclusively as an investment tool anymore, despite the popular opinion in mainstream media. The total amount of Bitcoin spent on online purchases has significantly increased since 2013 and in 2017 reached 190.2 million dollars. UTRUST API is aiming to increase further this number.
Even though some online retailers have made the first steps in accepting crypto payments, the market is still undeveloped. According to a report of the Bank of Netherlands in 2018, only two percent of the online retailers support cryptocurrencies.
UTRUST is set to provide consumers and sellers with a kit of tools including a conflict mitigation system, chargeback protection, and an exclusive cryptocurrency. One of the primary goals of the company is to help global retailers reach out and implement cryptocurrencies in their online businesses quickly and efficiently.
Partnerships in Europe have already been secured in the bid for market expansion expand the market. Gambio.de is a German ecommerce software with a supply of 25,000 online stores which generate 30 percent of the total online revenue in Germany. For UTRUST the partnerships would allow thousands of sellers to start using cryptocurrencies without any complications.
The company has developed a digital wallet with no transaction fees and a protocol with a mechanism for more natural dispute resolution. If buyers and sellers cannot agree on a conflict, UTRUST judges would resolve the dispute.
Filipe Castro, the Chief Information Officer and co-founder of UTRUST, believes that in only three years most ecommerce companies will accept cryptocurrencies and in five years the process will become offline as well.
On the contrary of PayPay which protects physical goods, UTRUST wants to extend that and provide security for services. Refunds would be paid in cryptocurrency in the event of a dispute.
Paving the way to success, the company announced that the former U.K. eBay Head of European Partnerships and Head of Marketplaces and Large Enterprise Partnerships for PayPal had joined UTRUST. Sanja Kon will provide her expertise with the traditional e-commerce.
UTRUST was founded in 2017 and collected 21.3 million dollars in crypto. The project will be launched in the first quarter of 2019 for commercial use. The one percent merchant fees, the dispute resolution system and the simplified interface are the key elements needed to gather sellers and buyers into the crypto economy.