PayPal welcomes digital currencies: Here’s why that’s good
PayPal has rocked the digital currencies world today by announcing that they would start accepting payments with digital currencies. This is very big news for all of us in the industry, and a massive step towards mainstream adoption.
We need established players
There are an estimated 54 million digital currencies users in the world right now. This is our market, and this is our community. These are the people who use our service and the reason we have made it this far as a company.
But Utrust’s ultimate goal is and always was mainstream adoption.
We see digital currencies not just as a financial asset, something you buy and trade in exchanges and hold for rewards, but as actual living money. We want everyone to be able to use these currencies in their day-to-day lives to buy groceries, pay for rent, plan their vacations and buy their Christmas gifts. This goal guides everything we do as a company. This is why we worked so hard to provide you with a debit card to use in physical stores, and are creating measures that reward usage of these currencies. This is why we try to make our presence felt in verticals as diverse as co-living, electronic dance music or high fashion.
One of the obstacles in our path towards adoption is the difficulty in building confidence with a mainstream audience that is unfamiliar with this tech.
PayPal is a huge established name in this market. People know PayPal. If they are in this business, everyone outside of the 54 million who are already part of our community will understand that the technology is solid and these currencies are the real deal. That’s fantastic news for us.
We were built for this
We have been working with blockchain since the beginning. We have built our entire service and platform to run this tech and provide a seamless service. This is why we see the competition of a company as large as PayPal as something unabashedly good. They don’t understand this world like we do, they don’t have the same connection to the community and the tech that we do.
Here’s a simple reason why we have a huge advantage from the very start: PayPal’s solution isn’t even on-chain.
PayPal won’t allow you to actually own your digital currencies.
They will convert the currencies into derivatives (much like Revolut does), and you will only be able to use them, but not actually own them.
You will have no access to a private key and will never be able to move your tokens outside of PayPal’s environment.
This is the kind of thing PayPal will struggle to understand. The ties we have within this community, that allow us to understand it, were built from the very beginning. PayPal is joining the family, we were born and raised here.
Besides, we provide a better service. And we know it.
Sanja Kon, our CEO, provided some choice words:
“Adoption means bringing people in, never creating a gated community. That’s what PayPal’s foray into digital currencies will do. It will bring many people who might’ve been weary of trying something new into the fold. Once they have felt the advantages of this incredible technology, we have no doubt they will choose Utrust as the most seamless way of paying with digital currencies.”
So we welcome PayPal into the fold.
Let’s get to work and build the money of the future.
About Utrust
Utrust brings the power of digital currencies to the world’s businesses. With the best blockchain payment solution designed to solve the problems of traditional payment methods, such as chargebacks
and high fees, by offering the smoothest and cheapest crypto to cash solution. Utrust do this by: accepting multiple currencies such as Bitcoin, Ehtereum and major others — multiple revenue opportunities under one integration; Volatility protection: Utrust does on-spot crypto-to-cash directly settled to the bank; Strategic positioning: Putting its partners at the forefront of innovation (crypto users are hardcore enthusiasts) as a value player that entering this space (creating a halo effect). With Uturst, businesses get more profit from each sale (~80% to 90% less fees) and don’t need to worry about chargebacks thanks to its technology that eliminates the problem completely.
