UTRUST Readies ICO As Coins Trade in the Green
The countdown for the UTRUST ICO is on, with the token sale scheduled for Sept. 20, hopefully enough time for the bottom to have been reached in cryptocurrency prices. That may be likely, as some of the key digital tokens, most notably bitcoin and Ethereum, have turned modestly higher despite otherwise persistent selling pressure in recent days.
UTRUST, a cryptocurrency payments platform on the blockchain that’s been likened to PayPal and BitPay, is off to a good starting, having raised USD 1.5 million so far in a pre-ICO campaign after tokens were gobbled up in less than two hours.
Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.
Sept. 20, the day of the ICO, is an otherwise precarious day for cryptocurrencies in light of the latest policy demanding that cryptocurrency exchanges shut down. China regulators have given digital currency exchanges until Sept. 20 to inform lawmakers how they plan to handle participant withdrawals.
Nonetheless more than USD 1.2 billion has been raised in ICOs in Q2 2017 alone – from Tezos to TokenCard and several in between — with an average of USD 22.6 million per deal, according to UTRUST findings.
Meanwhile, the UTRUST coin, which is ERC20 compatible on the Ethereum protocol, has been compared to bitcoin in that coin supply will diminish over time, creating greater demand in the process and pushing the price of the cryptocurrency higher, in theory.
Every time that a consumer uses the UTRUST payment platform, a fraction of the fee is taken “from the market and destroyed in the form of UTRUST token,” according the company’s White Paper. As a result, the more volume of buying and selling activity that unfolds on the UTRUST platform, the greater the possible value of the tokens going forward.
UTRUST is tapping into a market that it says is underserved on the blockchain – payments for goods and services. UTRUST as a payments company is cryptocurrency agnostic but waives the fee for UTRUST token users. Merchants and private sellers are paid in fiat currency, which protects them from price swings.
The company is no doubt preparing for what estimates predict will be a USD 5 trillion cryptocurrency market by 2025.