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UTRUST, the “world’s first cryptocurrency payment solution to offer instant transactions, buyer protection & crypto-to-cash settlements,” is partnering with the team behind Ethereum Classic (ETC) to make the asset a viable form of payment on the platform.
A Productive Collaboration
The two signed a Memorandum of Understanding (MoU) for this collaboration, which will also see assistance from the Ethereum Classic Cooperative, according to the Medium blog post.
By working together, companies utilizing UTRUST will now be able to accept ETC as a form of payment. Also, users won’t need to worry about legality issues, as governments have delegated both Bitcoin and Ethereum non-securities, which also extends to ETC.
CEO and co-founder of UTRUST, Nuno Correia, spoke on the collaboration:
“Ethereum Classic is one of a select few cryptocurrencies with clear institutional demand. While blockchain payments have undoubtedly disrupted financial transactions, at UTRUST we believe it’s our responsibility to add a much-needed layer of consumer protection, as well as instant transactions and low fees, for anyone who wants to utilize Ethereum Classic for payments.”
UTRUST will act as a mediator, securing funds until a seller delivers on their promise. The group also offers protection from market volatility by converting funds into fiat or stablecoins. UTRUST is acting similar to other online payment solutions—providing a way to resolve disputes and other issues between buyers and sellers peacefully.
Suggested Reading : Learn more about Ethereum Classic and how it differs from Ethereum here.
Predicting The Future
Ensuring a reliable network, UTRUST is only partnering with currencies that have a “long track record, robust infrastructure, active developer community, and solid demand from the market.” UTRUST’s goal is to work with currencies that will eventually move to the mainstream to provide value to their customers. This mantra also includes currencies that won’t suffer from government regulation.
This deal comes after Grayscale Investments launched the Ethereum Classic Investment Trust earlier this year. Grayscale is an extension of the Digital Currency Group and is worth $2 billion to the group. The Trust moved $90 million into Ethereum Classic, predicting its success as a long-term coin and paving the way for many U.S. investors to move into the asset.
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