Is UTRUST The 'PayPal' Of Cryptocurrencies?



so that's actually an interesting story the original idea came in during a conference actually the conference in 2007 where me and another of our co-founders Nuno and our CEO we met and we're at the time discussing several problems that existed in the in the cryptocurrency industry and one specific topic was about payments so we're discussing okay what's wrong in this industry stuff that we believe it was wrong because we experienced firsthand and knew no share the story actually a couple of stories related to how he got scammed attempting to pay with cryptocurrencies online and one of those he actually was going to travel it was buying tickets to go on vacation with his wife he tried to pay with cryptocurrency using one of our competitors actually and you know unfortunately it didn't go quite as expected he didn't get the tickets it tried to you know complain to the provider and the provider said yeah you know it's not our fault we don't provide that coverage is you should talk to the merchant so we are just a payment processor not nothing else and this has been a couple of issues that we suffered personally and from that moment on which we said like we should build something better like there's a clear problem here why don't we build something better something that we would want to use and the other people would benefit as well to some extent yes that will be accurate so the first one I think it's straightforward to compare us with PayPal because our business model is very similar the type of consumer protection that we offer in the realm of cryptocurrencies and crypto payments it's very similar to the kind of protection that PayPal offers for traditional P ad based payments so in that sense I think it's very accurate to compare again in terms of overall business model our overall business wall is also quite similar we take a small percentage of the transactions we have code to our platform but extremely lower rates then you know PayPal or other platforms because we operate in the blockchain world but I would say it's it's fair we provide the same type of consumer experience which currently does not exist in crypto and our business model is quiet it's quite similar we're still in the early stages but you know we're building the foundations and the technology and we think this is it's gonna be a game-changer for payments going forward and we want to work with the merchants why because this provides much lower fees more much lower transactional costs for merchants than alternative fiat payments it provides a way for them to again as I said expand you're in your market into an untapped area another complementary means of payment that allows them to have higher margins and to depreciate you themselves from other providers from the big ones again ecommerce functions also have a lot of competitive pressure from you know the big players and they need new avenues to start differentiate themselves from from the bigger players to try to compete with them and that only comes with innovation – adopting new technologies and to position themselves at the forefront of the market so new consumers lower costs and being at the forefront of innovation now for consumers consumers for consumers crypto pain is actually a very interesting use case for the use of digital cash online sure right now you can use your field based payments online but again it's it's not as convenient they were not designed for the digital age payments should be completely seamless online you shouldn't be able to put your details on a credit card or make complicated steps there are not designed to be seamless to be really provide a complete online experience from the checkout to the payment it should be like three clicks okay and traditional payment gateways in systems which rely on credit cards which quote date back from the 1940s it's it's just they're not designed for that and for that I think we need new technology cryptocurrencies in particular they also provide additional benefits consumers they provide consumers with the ownership of their own funds that means you as a consumer have the power to take over your own funds in your wallet so in essence you become your own bank it should be instant seamless you should be in control and not another intermediary there hold your funds and tells you that yeah you need to wait three days to pay this or that I don't see it dramatically affecting our business because again if you look at how you trust operates and we are quite different from other purely blockchain based companies we are not building an infrastructure a protocol from the ground up we are building a business to power that that's built on top of a lot of protocols and if you look at the whole crypto currency scene who I would like to call it more creative assets scene you see the end over the trend of a trend of speculation of a trend of you know looking at projects not as drivers of value but as inflated expectations and I see this as a necessary correction for the great projects the ones that will be driving revenue users that will be solving real problems an opportunity to shine so for us I don't see that affecting us you know for us the of course we look at prices but we for them for the for the most part we actually look at the technology and this is a great moment for all the companies out there they are building great technology and to focus on that because at the end of the day that's the driver value one of the things I would like to see improved is not having so many bottlenecks when you're trying to contact other partners especially on the banking Land Board I still see a lot of avenues to to expand there for example for companies in this field to have access to more banking options in in the same jurisdiction of incorporation which will greatly benefit their businesses and reduce their costs so they don't have to you know cherry-pick jurisdictions and can stay focused on delivering great products instead of focusing so much on the legal components of okay let's incorporate here or maybe let's you know what the regulation here to open a bank account might not be that favorable bit because they see us as you know not not compliant although we are but you know the perception is that we are not so even if you provide everything they do require it's at the end of the day they just said no we will not do business with you as a partner and you have to go somewhere else that's the the main utility function of the the utk currently game in a platformer when we launch we want to provide that because we believe it's it will help us leverage the platform and it will work very well with our envision system although we are cryptocurrency agnostics at the core that means we offer other cryptocurrencies as we offered means of payment so we are not putting utk you know above and as the only option in terms of payments we will let the market decide and the e-commerce merchants decide and the users also decide

4 thoughts on “Is UTRUST The 'PayPal' Of Cryptocurrencies?”

  1. this project is not good, they used utk ico to raise funds but now they dont want to put the UTK token on an important role,,, for example they must put all stores to pay fees in UTK token, in that way UTK token are going to be popular and important and price will increase, but they do not want this and they putted UTK token only to pay less fees and many things with out importance……tha is not right,,,,, you need to put UTK token to play an important role, that is only way to increase his value.

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