The cryptocurrency payment solution founded in 2017, UTRUST, had announced that they secured a partnership with the Ethereum Classic dev team, signing a Memorandum of Understanding (MoU), on September 11, 2018. The collaboration intends to integrate ETC into the UTRUST platform with the assistance from the Ethereum Classic Cooperative.
The demand for ETC was increasing since the integration of ETC by Coinbase. The Digital Currency Group, Grayscale Investments, launched the Ethereum Classic Investment Trust in 2017. This development allowed qualified institutions in the regulated US market to invest in Ethereum Classic.
Ethereum Classic was excused from being considered as security after the SEC’s decision to declare Bitcoin and Ethereum as non-securities. This leniency further allowed merchants to accept ETC more freely as an alternative payment to FIAT currency. This also allowed consumers to use ETC knowing that the use of ETC shouldn’t be considered as an act of illegally distributing securities.
UTRUST will act as a third-party arbitrator. They will hold your funds, if necessary until the seller delivers the goods or service. They will also convert your cryptocurrencies into FIAT currency or stable coins thereby safeguarding their buyers and sellers from the market volatility.
The company allows their buyers and sellers to settle their disputes in a friendly manner. The company will only step-in if both parties are unable to reach a compromise, enabling the company to uphold their standards like those of Paypal, Adyen, Klarna, and VISA.
Every cryptocurrency, integrated with the UTRUST ecosystem, must have solid fundamentals for the mainstream market adoption.
It’s also very much important that the integrated cryptocurrencies must have a long track record, strong market demand, active developer community, and a robust infrastructure for it to supplement the UTRUST payment protocol.