Blockchain Technology to Boost Economy of Emerging Markets

Cryptocurrency payments platform start-up UTRUST has stated that it believes that in the future, with an estimated current 2.5 billion unbanked people in emerging markets, blockchain technology has the potential to create nearly 95 million new jobs across sectors in unbanked nations.

The company aims to develop a ready-to-use cryptocurrency payments platform aimed at peope who lack access to financial services. By using the UTRUST token, users can make zero-fee payments to merchants accepting any cryptocurrency via UTRUST, and be traded against other currencies on supported exchange platforms.

Nuno Correia, UTRUST CEO, said: “UTRUST sees the potential of cryptocurrencies and digital technology to transform financial services provision in both developed and developing markets. The potential gains are particularly exciting in emerging markets where mobile phone penetration could recreate the role physical banking infrastructure plays in developed markets.”

A pre-ICO has already been undertaken — bringing the total raised so far to $3.5 million including donations from private investors — and a public ICO, scheduled for the 20th of September, 2017, aims to raise the amount of funding in UTRUST to a total of $50 million through seven ICO rounds. This will go towards establishing key industry partnerships the development of the global payments platform with extensive cryptocurrency support, to give merchants and people in developed and emerging markets a secure and transparent platform to carry out transactions.