Newly launched payment startup UTRUST has announced that it will be joining Crypto Valley in the capacity of a corporate member.
The announcement comes at a time when UTRUST is actively engaged in a pre-ICO round intended towards raising funds for its cryptocurrency payment platform. The Zug-based startup, according to the whitepaper, intends to raise $1.5m in the ongoing round, while eyeing a full 7-rounds ICO starting September 2017, in order to obtain a total financial leverage of $50 MM.
On the other hand, Crypto Valley is a renowned blockchain and cryptocurrency technology consortium, also based in Switzerland’s Zug. The association serves a breeding ground for young blockchain companies, thanks to its business-friendly regulatory framework, deep talent pool and sophisticated infrastructure. More, it enjoys government support.
Though the UTRUST press release never actually mentions it, it is evident that the startup is looking forward to thriving in a safe, supportive, and vibrant environment.
UTRUST, indeed, has an innovative idea in hand — something that could truly boost day-to-day adoption of cryptocurrencies. The startup proposes to build a platform which enables users to use cryptocurrency of their choice in order to settle payments in real time. That being said, anybody holding even Monero will be able to purchase candies from a regular brick-and-mortar store — so it appears.
At the same time, UTRUST proposes to offer “the consumer protection buyers take for granted in traditional online purchases, acting as a mediator, resolver of conflicts, enabling the possibility of refunds to mitigate fraud, while shielding the merchant from crypto-market volatility.”
The idea is noble and has a lot of meat if one looks from crypto-adoption perspective. Bitcoin and its subsequent versions have truly enjoyed a speedy upside momentum in value, but they still lack the same energy in merchant adoption. For these cryptocurrencies to thrive, the demand should really be coming from daily users, not just speculators.
With Crypto Valley, UTRUST might just win the trust that it requires the most: from people and government alike.