UTRUST ICO Results

We think that UTRUST is one of the most interesting projects nowadays. UTRUST's ICO was completed on 20th of November.
At first, we would like to remind you why it is worth your attention.

About UTRUST

Switzerland based UTRUST is an Ethereum Blockchain based digital payments platform in which buyers can purchase goods and services online by making payments using cryptocurrencies. Sellers are being paid in fiat currency that enables them to hedge volatility risks associated with cryptocurrencies. UTRUST holds payments until the transaction are completed, thus offering buyer protection. UTRUST aims at offering the growing crypto-holder community with a secure and fast payment platform that has the advantages of lower fees compared to existing solutions and that supports transparent transactions with efficient dispute resolution.

UTRUST competes with PayPal on the traditional online payment network market and with Bitpay and Monetha on the crypto-side. Several other players are also emerging in the digital payment game like the Request Network and Jibrel Network. It is worth noticing that PayPal is also pushing its platform into bricks-and-mortar stores, thus closing the gap between physical and digital worlds. This is a crucial step for any crypto payment network.

The Technology

UTRUST is offering its ERC20 token called UTK, that is based on the ethereum blockchain. Buyers paying in UTK for transactions are not incurred any conversion fees while sellers are charged with a flat 1% fee on received payments. The tokens are subjected to a "burning" mechanism by which the token supply base is progressively reduced and thus increasing the token value. There is a centralized escrow protection system along with dispute resolution for buyers and conversion to fiat currencies to safeguard sellers from market fluctuations.

The UTRUST platform consists of 3 major components:

​The transactional payment API.
The client API that functions as the Web Wallet for clients to check their balance and transaction history.
The payment protection and dispute resolution mechanism.

Use case: a merchant has integrated the UTRUST payment platform in his online store. An online shopper, interested in buying a product from the shop can pay with any crypto-currencies available in his digital wallet and supported by UTRUST platform and also with the UTK. The chosen crypto-currency is converted to the fiat amount displayed by the seller. This conversion is subject to a 1% commission and exchange conversion fees (except for UTRUST tokens, the UTK). The buyer paid funds are held in escrow for a duration that varies depending on the merchant performance history of transaction completion.
After this, there are 2 possibilities, one of which is seller delivering the product/service and no issues reported. Then the escrowed fund is released to the seller. The 2nd possibility of a dispute will be managed by UTRUST by first initiating a self-resolution chat between the shopper and seller and if a resolution do not happen within 7 days then shopper can transfer the case to a UTRUST mediator. A 2% mediation fee over the sale amount is held, in case of a refund to buyer that is issued in UTK.

The Team

UTRUST has a diverse and talented team that includes management, team leaders and software engineers. The advisory board also seems to have good expertise and experience with the crypto-world.

The UTRUST Community

This project is well marketed with digital media – website, whitepaper, blog, social media, chat, etc. The communities have acquired reasonably good participation so far. UTRUST is able to utilize their communication skills emphasizing its competitive advantages and product/market fit.

ICO Results

As UTRUST community announced, the ICO ended close to the Hard Cap level.
Private Investors - $2,000,000
Pre-ICO - $1,500,000
ICO - $17,875,000
Total: $21,375,000

The next step on the roadmap: MVP Implementation Phase.

For token holders:
UTRUST tokens can be withdrawn about 1-2 weeks after ICO ends and once users verified their account (KYC).
Two confirmed Exchanges to be listed 1-2 weeks after the ICO ends.

• KuCoin.com
• HitBTC.com
• More to be announced

Review

UTRUST is a suitable platform that offers you PayPal like crypto-features and added protection. It is unique due to the lower seller fees, funds safety, decentralized token and comprehensive consumer payment protection. The main concerns are related to investment on which you need to wait for the token value to increase. There is little dividends distribution like in the case of stocks which mechanically appreciated after a buyback program when stock supply is reduced. UTRUST has the potential to succeed if the team can achieve enough merchant signups and generate customer adoption with strong marketing presence.

Well, we would like to congratulate the team on successful completion of ICO and wish them success in the future. Our team will continue to update you with the latest news about this project.