Welcome to our UTRUST Review!
There has been some buzz about this company so we decided to investigate what it was all about…
Some say it’s a scam while others UTRUST reviews are saying this is the future of online payment.
The good news is we are going to walk you through the company, services and opportunities so you can make the right decision.
Let’s dig in this review…
UTRUST is a payment platform that allows online merchants to accept all the major cryptocurrencies as payment.
Compared with the standard payment approaches (credit card, PayPal), UTRUST provides a number of advantages– lower seller costs, security of funds, no chargebacks, and detailed consumer payment security.
Here is now UTRUST works in a nutshell
When the purchaser picks them as a payment, he or she can choose to use funds from any of their existing cryptocurrency wallets as a source of funds or utilize their UTRUST funds.
The buyer will be shown of the total to be paid, consisting of a 1% commission and conversion fees from crypto to fiat. The buyer completes the transaction and the quantity is sent out to UTRUST. The UTRUST system converts the cryptocurrency amount to fiat and holds it in escrow till it is released to the seller.
The period of this hold will vary depending upon the merchant performance history and varies from nearly instantly to a couple of days. As the merchant establishes a track record of successful transactions, his efficiency score will increase and the hold period will reduce.
If there is a disagreement, the purchaser can escalate the problem. Both members go into a self-resolution chat, where they attempt to agreeably come to mutual acceptable terms. If both parties do not agree in 7 days, the buyer has the option to escalate the claim to an arbitrator.
A UTRUST operator joins the chat resolution and works as arbitrator with final say on the dispute outcome. Proceeding with an escalation will incur a charge of 2% over the quantity in hold if a buyer refund is provided by the UTRUST arbitrator.
How innovative is the project?
The job does not have proof-of-concept yet. Below are the future turning points.
Q2 2018– Platform test API for merchants
Q4 2018– Platform release
Q1 2019– platform refinements & growth
What are the tokens utilized for and how can token value appreciate?
UTRUST tokens can be used to buy products/services on the platform. If users decide to pay via UTRUST tokens, there is no conversion fees, otherwise, there is a low conversion fee applied.
Each time a buyer pays with any cryptocurrency by means of the UTRUST payment platform, a portion of the transactional cost will be used to buyback UTRUST tokens and those tokens will be burned.
The worth of tokens depend upon just how much the conversion costs are. They need to strike a balance– if the conversion fee is too high, it will supply fair price ; if the conversion fee is too low, the amount of UTRUST tokens would be very little since users can simply pay with other cryptocurrencies instead of tokens.
UTRUST has a big team of 16. Bios of the leading members are listed below:
- Nuno Correia, CEO– early cryptocurrency investor who has actually been involved in the cryptomarkets since 2011. Founder of several B2C services.
- Filipe Castro, CIO– has experience developing electronic payment systems and other software solutions throughout the early days of his career.
- Arthur Goulao, CTO– previous CTO of Easypay, a digital payment platform, software application engineer of Simple Solutions, Head of Research and Development at iSimplex.
- Roberto Machado, CPO– Founder and Product Manager at numerous startups prior to UTRUST. Previously, he has actually interacted with significant global business such as AT&T, Betfair, Airtel and Uphold.
- Cryptocurrency payment has actually not been catching on because of the rising Bitcoin fees. However, with the growing appeal and much lower price of Ethereum, especially after the Byzantium upgrade, they believe the time has come where Ether can end up being a viable cryptocurrency for online payments.
- The online payments market is large with huge capacity. If UTRUST can be effective, they have the potential to process billions of dollars in sales a year.
- There are other rivals in the cryptocurrency payment services space, such as Monetha, Request, Coinify, CoinPayments, BlockPay, Cryptonator, and BitPay. UTRUST might not be the winner in this industry.
- UTRUST has no merchant support so far, which is behind other rivals.
- Other blockchain projects are working on merchant payments such as Monetha and Request are trading at a sub-$ 35 million assessment, which makes it tough for UTRUST to acquire a high market appeal.
- $ 3.5 million was raised throughout previous rounds at heavy discounts ($ 2 million at $0.02 per token and $1.5 million at $0.03 per token). Those participants have experienced a long lock-up period due to the delay of ICO from September 2017 to November 2017, which might cause these participants to sell their tokens below ICO price of $0.065.
- The gap in between pre-ICO (August) and ICO (November) needed to provide the developers more time to come up with a very little. There still is no proof-of-concept developed in spite of the team claiming that they lead schedule in regards to development.
- The platform is not going to start up until Q4 2018, which is 1 year after completion of ICO. In the meantime, there will not be much of a driver for token price.
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