A Swiss startup company is attempting to make using cryptocurrencies for online transactions as simple and safe as using PayPal. The main accusation of the mainstream media against crypto is that it is “a currency that is hard to spend.” Even though, according to CNBC, the total worth of Bitcoin spent on merchant services has increased to $190.2 million in 2017, from $9.8 million in 2013, however the market is still in its infancy.
The UTRUST API is aimed at online and point-of-sale crypto acceptance worldwide. This set of tools will also include a conflict mitigation system, chargeback protection, and a proprietary cryptocurrency which increases purchasing power within the platform. While UTRUST has their sights set on assisting global retailers in the use of crypto it has decided to launch its business in Europe.
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
– Filipe Castro, UTRUST’s Chief Information Officer and co-founder
The company has signed strategic partnerships in Europe to establish a “beachhead” for further expansion. UTRUST hopes to become the “PayPal of Crypto” by offering protection for both buyers and sellers. It also provides the added benefit of refunds paid in crypto in case of a dispute. Also, while PayPal protects only physical goods, UTRUST extends its security proposition to include services, too. The company says, this, combined with 1 percent merchant fees, promises to trigger a feedback cycle of more customers bringing more merchants into cryptocurrency, and so on ad infinitum.