Utrust (UTK) – All you need to know

What is Utrust?

Utrust is like PayPal with crypto. The company is a leading cryptocurrency payment solution that is attempting to modernise the finance and payments industry. It aims to accomplish this by offering services like instant transactions and immediate crypto-to-cash settlements for merchants. Cryptocurrency is seen by some as volatile with little user protection; therefore, Utrust combines the best features of traditional payment gateways with the flexibility and security of blockchain technology.

The UTK token is Utrust’s governance token, and by using it, users can make payments for goods and services without any exchange rate. Every time a transaction occurs over Utrust, a small percentage of the transaction fees are converted into UTK tokens and burned, reducing the total supply of UTK and increasing its price.

Cryptocurrencies haven’t been adopted as effective payment solutions because of the levels of volatility that occur when trying to set a final price whilst the market fluctuates. However, Utrust promises real-time transactions with zero slippage: the difference between what you expect to pay and what you end up paying. This is potentially a game-changer for the multi-billion dollar payment gateway market.

How does Utrust work?

Utrust works much like PayPal. Buyers can check the websites of merchants to see if they have integrated Utrust as a payment option. If this is the case, the buyer can make a payment in fiat currency along with a combined commission and conversion fee of 1%, though the conversion fee is non-existent if UTK is used for the payment. Otherwise, the platform carries this combined fee to convert cryptos into fiat currencies like GBP and USD in real-time at the best possible conversion rates.

When the buyer completes their payment through Utrust, it is converted into cryptocurrency and held in escrow – a third party – until the transaction is deemed complete. The payment is then released to the seller in the form of fiat currency, and the seller can withdraw it or convert it to a different cryptocurrency. In essence, Utrust harnesses the power of cryptocurrencies to make transactions more convenient, flexible, and suitable for buyers in a new digital age.

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