A startup com company in Switzerland is aiming to use cryptocurrencies for online transactions to be as safe as possible by using PayPal.Mainstream have almost always slated cryptocurrency, claiming that it’s hard to spend being their main argument. According to CNBC, the total Bitcoin spent on merchant services went up to over $190 million last year from a mere $9.3 million in 2013, but with the market being in its early stages this is a big feat. The Bank of the Netherlands published a study back in February this year which showed that only 2% of online retailers actually accepted crypto, despite a ‘substantial’ interest.The UTRUST API is intended for online and point-of-sale crypto acceptance around the globe. This set of tools will also include a conflict mitigation system, a proprietary digital currency - which increased the power of purchasing on the platform - and a chargeback protection feature. UTRUST has their minds set on aiding global retailers in the use of crypto and has decided to launch its business in Europe. According to CoinTelegraph the company has:
“Signed strategic partnerships in Europe to establish a "beachhead" for further expansion. One such partnership is Gambio.de, a German e-commerce solution provider with more than 25,000 online stores. According to UTRUST´s estimates, Gambio-powered stores generate about 30 percent of e-commerce revenue in Germany and therefore are in a powerful starting position for UTRUST to expand across the continent.”
UTRUST has spoken out saying that this partnership means that from the first day of operating, thousands of merchants will able to accept digital currencies in a much more simplified way and still be able to receive fiat currencies in their bank accounts. In addition to this, UTRUST clients will be able to access a proprietary digital wallet which will allow zero fee transactions. UTRUST’s co-founder and Chief Information Officer, Filipe Castro 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.”
What are your thoughts? Let us know what you think down in the comments below!References:CoinTelegraph
Adrian is an avid reader who first stumbled across Crypto after reading 'The Basics of Bitcoins and Blockchains' by Antony Lewis in 2018. Since then, Adrian has immersed himself within the industry, and has a real interest in Enterprise Blockchain solutions.
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