Ethereum Classic (ETC) partnered with one of cryptocurrencies’ largest payment solution, UTRUST signing a memorandum of understanding (MoU) to integrate the blockchain into UTRUST system. The Ethereum Classic Development Team (ETCDEV) saw this as a great opportunity to collaborate with UTRUST as the payment solution company grows in adoption.
Earlier in Q3 2018 while ETC saw a huge price hike after listing on Coinbase cryptocurrency exchange more institutions moved towards the platform to integrate the internet of things (IoT) technology.
With a heavy reputation in the field of secure and fast payments providers, UTRUST is a company aiming for global adoption of crypto payments, buyer protection & crypto-to-cash settlements. The company has partnered with various blockchain projects hence giving the company experience in the field. Companies such as blockchain technology provider, DigiByte, Singapore based POS platform, Pundi X, Germany’s largest e-commerce solution, Gambio, and UMT, the largest technology platform for Mobile Payment and Mobile Commerce in Europe have all partnered with UTRUST.
“Ethereum Classic is one of a select few cryptocurrencies with clear institutional demand.” said Nuno Correia, CEO and co-founder of UTRUST.
Benefits Ethereum offers to the UTRUST Foundation
As UTRUST went on to look for a blockchain to integrate their systems with, Ethereum emerged the top choice for the payment solutions company. Ethereum Classic has seen massive improvements in development and price since its abandonment after the fork. Nevertheless, the coin has seen FUD spread around it too making the process to adoption of the platform harder. The problems and successes of Ethereum Classic and the ETCDEV were all evaluated and UTRUST deemed the blockchain suit for the integration.
Some of the reasons given by the UTRUS team include:
- The listing of ETC on Coinbase cryptocurrency exchange that caused a great pump in price and adoption of the coin which played a big role in Ethereum Classic being chosen as the blockchain platform integrated with UTRUST.
- Ethereum Classic (ETC) is far off from being considered a security as the US regulatory commission on securities, the Securities and Exchange Commission (SEC) declared its predecessor, Ethereum a non-security. This gave leeway to UTRUST working with the coin without any fear of regulation that applies to securities
- Ethereum Classic is currently one of the most in demand tokens in the market. This gives it an advantage in the overall number of merchants and suppliers wishing to adopt the coin are high which offers a possible increase in UTRUST users.
At the beginning of 2018, the crypto market space in the US markets was still highly speculative in price and regulation as the SEC narrowed down to ICOs’. However, a few bold players like Grayscale Investments identified potential projects like Ethereum classic for diversification. The Digital Currency Group subsidiary pioneered an Investment Trust for the Ethereum Classic (ETC) crypto coin. This was a big sign for local US investors to go bullish on Ethereum Classic despite the volatility. Grayscale allocated $90 million to their ETC portfolio showing trust on the long-term fundamentals of the project.
The UTRUST CEO & founder, Nuno Correia confirmed that Ethereum Classic indeed matches the UTRUST vision in terms of features and delivery,
“While blockchain payments have undoubtedly disrupted financial transactions, at UTRUST we believe it’s our responsibility to add a much-needed layer of consumer protection, as well as instant transactions and low fees, for anyone who wants to utilize Ethereum Classic for payments.”
UTRUST will fill the niche of a 3rd party in today’s decentralized blockchain networks. The platform will act as an escrow hence hold the funds until a service or product is delivered as per the agreement. Furthermore, the network will enable the conversion of fiat to crypto and vice versa to lower the associated cryptocurrency market volatility.
Basically, with the UTRUST platform in place, conflicts arising between a buyer and seller will be amicably resolved. In extreme cases, the UTRUST network will refer to guidelines used by traditional money transfer platforms like VISA & PayPal.
Ethereum Classic (ETC) & UTRUST are strategic partners that will certainly benefit from each other. ETC has a high demand, active community, efficient blockchain design & a good track record.