utrust review

Review: Utrust

3.9
Pros
  • The Utrust Dashboard and interface are both very easy to use and can serve a huge number of people.
  • When doing transactions with the network's native utility token, there are no exchange rate costs.
  • The network accepts various digital and fiat currencies.
  • It is cross-chain interoperable and allows Defi users to stake for money.
  • This Utrust digital wallet could hold a wide range of ERC-20 tokens and coins.
Cons
  • There is no direct asset, profit, or commodity backing.
  • One of the most competitive segments in the industry is payment processing. In the big scheme of things, not only is UTRUST up against platforms like Request and Monetha, but it's also up against an industry behemoth like PayPal.

Business Score: 4/5

Branding

The goal of the Utrust marketing strategy has always been to promote a world-class, frictionless online purchasing experience for customers while also making it simple for merchants to accept a variety of digital currencies. Users can also enjoy all of the advantages of traditional payment methods while also benefiting from blockchain technological improvements. UTrust also became well-known by taking on traditional and slow SWIFT payments, which often fail or take a long time to finish.

Team

The Utrust Team now has over 20 full-time professionals. Utrust Token (UTK) has a great team behind it and is backed by Kucoin, Gate.io, and other exchanges.  Nuno Correia is the chairman of UTrust’s board of directors and a co-founder of the company. Roberto Machado, co-founder, board member, and chief operating officer of Utrust. Machado formerly worked for Uphold, AT & T, and Airtel, among other firms. Filipe Castro is a co-founder of Utrust and the company’s chief executive. commercial officer. The Utrust Token (UTK) Platform is being developed by its team. Its team includes well-known experts. In the foreseeable future, it might experience exponential growth.

Road Map

Due to the strong foundations of Utrust Token (UTK), we believe UTrust has a lot of potential for future upgrades and advancements in 2022 and the following years. Utrust is building a crypto wallet platform with a focus on low fees that can be used to store crypto assets and make low-cost transactions. While we feel that Utrust Token is cheap and that the price potential in the next few years is enormous, the coming years appear to be promising for Utrust Token. Utrust Token (UTK) is a robust cryptocurrency with long-term growth potential, and if the promised features are rolled out on time, it could be the default payment gateway for many businesses and users worldwide.

Technical 3.8/5

Product

Utrust for Merchants

The Utrust Merchant dashboard can help any business that wants to process payments in multiple currencies and crypto-fiat settlements. The dashboard is built for efficiency, making each stage of the selling process as straightforward as possible. Utrust also enables “seamless” API integration. Utrust also claims to have made escrow and invoicing simple. The checkout procedure using Utrust is asynchronous. Customers have 15 minutes after checking out to choose the cryptocurrency they want to pay with and confirm the transaction on the blockchain. The funds you want are waiting at the Utrust address, and the payment is recognized in a few seconds.  The consumer will then be forwarded to the merchant’s success callback URL. Confirmation of transactions might take up to 2 hours. A webhook is used to send a notification to the merchant’s shop after a transaction has been verified.

Utrust Wallet & HOLD App

The Utrust Wallet came out in November 2019 and works with both iOS and Android. The Utrust-powered HOLD app came out at the end of 2020, a few months after the WordPress + WooCommerce plugin. Most European nations now have access to the HOLD app. As the two converge, the HOLD app will effectively replace the Utrust wallet. So, people who own the original HOLD token get 100 UTK tokens for each HOLD token they own. The next UTK token feature will be added to the Hold app, which already has a place to trade between different currencies. Reverse staking is one of the most intriguing aspects of the Utrust ecosystem.

Reverse Staking

Utrust compensates users for actively using assets rather than keeping and staking them. Users can get 1% of the market value of every transaction or purchase they make through Utrust. Utrust then buys the reward and adds it to a user’s staking pot. As a result, UTK tokens are no longer in circulation, reducing the supply. This deflationary strategy could be seen as giving the UTK coin its own value, which would make it an interesting part of the Utrust ecosystem.

Crypto-Related

The Utrust token (UTK) had its initial coin offering (ICO) in November 2017. Approximately $21 million was raised during this process. The maximum number of UTK that can ever be made is 500 million, and more than half of that number was given out during the ICO. Presale events received about 30% of the coins, while development received 10%. The last 5% of UTK tokens will be used for bug bounty programs and marketing. The circulating supply of UTK is 450,000,000, with a market capitalization of $89,664,042. Users that pay with the UTK token incur no exchange rate fees. This adds to the utility of the UTK token and encourages its utilization. As the Utrust platform grows, the UTK token’s utility is finally being realized. Instead of retaining tokens, new incentive models allow users to earn UTK by spending.

Security

The platform lets e-commerce buyers, people who use mobile money, and people who use digital currencies make safe transactions and get refunds. It also shields the seller from the crypto market’s excessive volatility. Utrust intends to conduct security audits on the entire infrastructure on a regular basis. As a B2B and B2C payments gateway, Utrust wants to help merchants whose customers are buyers and more make cross-border payments. To do this, it is building a better B2B and invoicing solution. Consumer protection is the process by which retailers can talk to sellers before a deal is finalized. If a product is received that seems to be broken, the problem must be fixed before the transaction is finished. However, this is not the case with the majority of payment gateways. Because of how blockchain transactions work, it is hard for sellers and buyers to undo transactions that went wrong.

*Disclaimer* The project’s reviews are not financial advice. You are risking your own funds and you should do your own research on each individual investment. We only search for strong projects and are not looking for a get rich quick scheme.

*The review can contain referral links and is based on our internal guide that you can read here: Internal Review Guide*

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