Swiss startup to become "PayPal of Crypto" starting with 2019

Monday 15 October 2018 10:37 CET | News

The UTRUST API, a Swiss startup, is attempting to make using cryptocurrencies for online transactions as simple as using PayPal.

The startup has decided to launch its business in Europe, despite having their sights set on assisting global retailers in the use of crypto. The company has signed a strategic partnership in Europe with, a German ecommerce solution provider with more than 25,000 online stores. According to UTRUST’s estimates, Gambio-powered stores generate about 30 percent of ecommerce revenue in Germany and therefore are in a powerful starting position for UTRUST to expand across the continent.

The Swiss company has deployed so far a conflict mitigation system, chargeback protection, and a proprietary cryptocurrency which increases purchasing power within the platform. Furthermore, the company’s customers will have access to a proprietary digital wallet which allows zero fee transactions.

UTRUST protocol also has a built-in mechanism for dispute resolution. Specifically, UTRUST arbiters may step in to mediate between the buyer and the seller, if they don’t agree on a refund or release of funds in 30 days.

The company was successfully funded with USD 21.3 million in crypto in 2017 and it is slated for commercial launch in Q1 2019.

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Keywords: UTRUST API, Switzerland, cryptocurrency, cryptocurrency transaction, merchants, transactions fees, startup, online payments
Countries: World