According to CNBC, the total worth of Bitcoin spent on merchant services has increased from $9.8 million in 2013 to $190.2 million in 2017. Despite this however, the market remains very young. A study published by the Bank of Netherlands in February 2018 claims only two percent of online retailers accepted crypto, regardless of “substantial” interest.
The Utrust API focuses on online and point-of-sale crypto acceptance globally. This set of tools will also consist of a conflict mitigation system, chargeback protection, and a proprietary cryptocurrency which increases purchasing power in the platform.
Utrust has signed strategic partnerships in Europe to set up a “beachhead” for more expansion. It signed with Gambio.de, a German e-commerce solution provider that has over 25,000 online stores. Utrust´s estimates states Gambio-powered stores generate around 30 percent of e-commerce revenue in Germany and so are in a great starting position for Utrust to expand throughout the continent.
Utrust says that with these partnerships, thousands of merchants can accept cryptocurrencies easily, receiving fiat equivalents in their bank accounts. Their customers will also have access to a proprietary digital wallet that enables zero fee transactions. Utrust believes the large amount of merchants will balance the lower figures of cryptocurrency use, gaining it a significant foothold in the oncoming crypto economy.
“PayPal of Crypto”
Speaking to Cointelegraph recently, Filipe Castro, Utrust’s Chief Information Officer and co-founder said:
“In three years, you will be able to pay online [with cryptocurrencies] at major vendors. This will come offline in another five years. I am a strong believer that in the future, in ten years, you will have state–issued cryptocurrencies from major economies.”.
Utrust protocol also has a built-in mechanism for dispute resolution, where arbiters may mediate between the buyer and the seller if they disagree on a refund or release of funds in 30 days.
While some companies such as BitPay have already risen to the challenge of bridging the gap between crypto and traditional vendors, Utrust differentiates itself as “the first cryptocurrency payment solution to offer instant transactions, buyer protection, and crypto-to-cash settlements.”
Utrust aims to be the “PayPal of Crypto” by providing protection for both buyers and sellers, and the additional benefit of refunds paid in crypto should a dispute occur. The company recently announced that eBay’s former head of European partnerships and Head of Marketplaces and Large Enterprise Partnerships for PayPal in the U.K, Sanja Kon, has come onboard. This addition to the team, according to the company will lend traditional e-commerce expertise in closing the gap between digital and fiat currencies.