Crypto-payment company UTRUST, a technology platform that seeks to make cryptocurrencies spendable on online purchases, has been selected to be part of the 500 Startups’ 24th startup accelerator batch. 500 Startups is one of the most active seed-stage venture capital firms globally, helping entrepreneurs create successful companies at scale.
UTRUST was one of 22 companies selected out of more than 2,100 applications to be part of this batch, one of very few with blockchain and cryptocurrency as its primary market segment.
The company’s main focus is to enable cryptocurrency payments at scale in the online consumer-retail market addressing major challenges that prevent merchants and consumers from adopting digital currency assets. UTRUST enables buyer protection, eliminates the waiting time for transaction confirmations, and shields buyers and sellers from high volatility in the cryptocurrency market.
“Being one of the blockchain companies selected to join 500 Startups is a unique opportunity for UTRUST and a hallmark for any serious company in the cryptocurrency market,” said Nuno Correia, CEO and founder of UTRUST. “Being part of such a select venture ecosystem helps not only to validate UTRUST as a solid venture, but the market as a whole.”
“We are excited to have UTRUST as part of our latest accelerator batch. We strongly believe UTRUST will benefit tremendously from the program as well as the support of 500 Startups’ global ecosystems,” said Bonnie Cheung, Venture Partner, at 500 Startups. “Aside from receiving personal guidance from our investment partners and experienced entrepreneurs-in-residence and access to an exclusive network of business contacts in the SF Bay Area, UTRUST executives will acquire heightened knowledge and methodologies on how to scale up through marketing and customer acquisition from the best in the industry.”