UTRUST will be collaborating with Uphold to boost its signal to 184 countries worldwide. Uphold is one of the premiere crypto-to-fiat processors, and currently servicing 23 traditional currencies around the globe. Most importantly, merchants using the UTRUST platform will be able to settle directly to their bank on the same day in 23 different fiat currencies.
As we draw closer to the launch of the UTRUST platform aiming to become the global leader in crypto-to-fiat payments with instant transactions and buyer protection, this is a crucial partnership. UTRUST core technology supported by Uphold’s global presence and connectivity will allow merchants to take advantage of the increased security and convenience of cryptocurrency payments while protecting them from market volatility. Most importantly, merchants using the UTRUST platform will be able to settle directly to their bank on the same day in 23 different fiat currencies.
This collaboration will work to solve key difficulties for mass adoption and utilization of cryptocurrencies around the world — and this goes for both customers and merchants. The UTRUST platform seeks to eliminate inconvenient credit-card chargebacks and fraudulent payments through its dispute management system. The cost of credit card fraud in the United States alone is on track to exceed $12 billion by 2020. On top of protecting merchants, it will also open them to the highly capitalized crypto market. By using cryptocurrencies, UTRUST is able to save merchants on processing fees by charging a fixed 1 percent fee on all transactions.
UTRUST and Uphold’s joint effort has the potential to bring payment connectivity, and financial services using cryptocurrencies worldwide. This includes providing financial services to the 2.5 billion unbanked people in emerging markets worldwide. On top of this, Uphold empowers innovation in FinTech providers by leveraging its licensed relationships with global banks to make fiat-to-crypto payments applicable, where they were previously impossible. This is an important move ahead of the UTRUST official launch as it will position both platforms to be global leaders in digital payments.
In the words of UTRUST CEO Nuno Correia, “This partnership with Uphold represents a significant step to modernise the finance and payments industry and solve the problems of traditional payment methods by offering instant transactions and immediate crypto-to-cash settlements.” This, he believes, is a keystone in the bridge between crypto and fiat as well as developed and emerging markets.
The partnership between Uphold and UTRUST will be crucial in the run-up to the launch in the upcoming weeks. This is the final addition to the network of collaborations which will allow scaling to a global level. In the words of Robin O’Connell, Uphold’s CRO, “Merchants want to offer payment choice, and in certain geographies, consumers want to pay in crypto. UTRUST has developed a system that makes it simple for merchants to accept crypto while solving the issues around price volatility and fraud. Uphold makes it easy for UTRUST merchants to instantly convert between multiple fiat and cryptocurrencies, and we’re excited to see UTRUST merchants launch in the coming days.”
Check the conversation about this partnership between Nuno Correia and Robin O’Connell here: